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No pivot!

The Compound and Friends

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How Much Is Baked in a Running?

The S&P 500 earnings multiple is converging with the 10 year treasury yield. If you have earnings starting to climb, but you have like these really inflated earnings multiple multiples and you have the cost of capital going up it feeds on itself. Like we have real estate that trades at like three and a half, four percent cap rates. And so like stuff shouldn't there be an equity premium? Probably.

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