The Macro Overlooks the Micro

The investment world has fixated on makro, as i said in the memo, roughly over the last 20 years. The average gt p growth has been just short of two % o year in the us. So it is important, but as boffit says, it's not knowable. I can't know it any better than anybody else. Most of the time, extrapolation works. And for that reason and others, bold forecasts of deviation from trend are really right.