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Excess Returns
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The Dealer Flow Dynamics
The bottom 40% of people can't borrow money and don't. The top 20, the 20% above that barely borrow any if they do it for their homes. Corporations are profit maximizing entities with a very simple incentive structure. It's natural selection, if you will, free market economics on steroids. We've been doing secularly increasing fiscal policy since 1980. And we've seen deflation essentially over that period.
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