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The Case for a Continued Rally with Warren Pies

Excess Returns

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Inflation as the New State of Affairs

The current inflation cannot be solely attributed to supply chain factors or temporary trends, but rather as a new permanent state of affairs. The significant increase in prices, especially in housing, demonstrates a sustained shift rather than a bubble that will correct itself. This ongoing inflation is linked to deficits on a cumulative basis, providing a major explanation for the current economic situation.

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