Hey everyone, I’ve briefly returned (or more accurately, I’ll write posts when I have a free minute). I’ve kept joking this past year that the market could not get any stupider, and then it always seems to: Many people have some weird canard they like to ascribe to this regime shift, picking whatever the Boogeyman of the Day is - quantitative easing, stimulus checks, increased unemployment, you name it. I’m not really here to debate the macroeconomics of it all or figure out a way to trash social welfare programs, but I do think that the end result is fascinating. As I’ve discussed before, valuation can
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