The Cost of Energy Has Come Down

Given the high credit card growth, it's really difficult to see how you're going to get consumer growth from here. Europe is raising rates still into this and will be at 375 in the next meeting. China had to cut rates today. The Chinese central bank basically stimulating all they can do right now. What is left? It's United States,. It's the US consumer, which continues to be very strong. And so these are long tail elephants like to call them that are coming. They're going to be here. I think you invest with what you invest with the margin of safety."

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