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The Day Inflation Broke

The Compound and Friends

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What's the Transition Going to Look Like?

The big takeaway I had is if you're going to get bearish on margins for the S&P 500, then you got to getBearish on big tech margins. So let's just assume that this one print at 7.7 is hopefully a, hopefully the beginning of a trend of numbers starting to come down. And so we could stop obsessing over the CPI and then start to worry about, oh shit, why are prices coming down? The market has basically carved out an 8-10% trading range in which it can go from 3,600 to 4,000 or even 5,000. But as new money dries up, investors have to reckoning with like, am

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