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No pivot!
The Compound and Friends
The Fear of Greed Continuum
The Fed put idea was that the feds always going to be there to buy any dip basically. But if you're in an inflationary environment, all of a sudden they're selling every peak. The Dow literally stayed at the thousand mark from 66 through 82. It was like 16 years that it never broke. You're not getting multiple expansion anytime soon. And so the market's reprising right now, it makes sense. and it has a lot more to reprice actually.
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