All market valuations are ultimately governed by either inflation…

All market valuations are ultimately governed by either inflation or disinflation. The latter causes growth stocks to reach dizzying valuations, where the entire market is filled with people buying stocks at twenty times sales, hoping they will go to forty times sales.

— from The Flight Plan (Purpose/Wisdom/Risk) · How to Listen When the Markets Speak: Risks, Myths, and Investment Opportunites in a Radic

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