The low level of nominal bond yields provides an important offset to the richness of earnings multiples.
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Are Internet Valuations Inflated?
The total enterprise value of the internet enabled economy will grow by 10x to $62 trillion by 2045 from $6 trillion today.
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The Investment Zeitgeist
The software sector is dangerously on the cusp of a precipitous fall.
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Behind the FANGs
Every component of FANG is stronger because of the coronavirus pandemic.
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Inglorious Markets
As you start to walk on the way, said Rumi, the way appears. Since we are laying considerable weight on the prospect of a new bull market, let us define what we mean by it.
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Young Bulls, Old Bears
"The best players in this kind of market have not passed their twenty-ninth birthdays. This is a Kids’ market."
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Death by Fintech
We believe Square, Shopify, and PayPal will collectively be worth more than the ten largest US banks combined.
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The Great Rotation: A hundred-year perspective
The rotation from value to growth over the past decade is the start of a secular trend that will persist over many decades.
