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Do Valuations Matter?
What Goes Up
The Coin Flip Game, You Know?
The more money we have, the less that it's improving our welfare at the margin. The coin flip game really helps us to think about assizing in a, you know, sort of on a blank slate. If this stock market is offering higher expected returns than each other, then people just get a little carried away and so much that are taking too much risk.
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