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No pivot!

The Compound and Friends

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Will We Get to 2200 on the S&P?

There's some point at which like falling prices feel like you're falling out of a window. Google is probably the first company in history that went from two trillion on its way to one trillion. Even if the nominal number stays flat, the earnings will grow with inflation. And so you'll have like earnings multiples contract over a very long time. But it's not 1979. We're not on gas lines. It's not the same issue.

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