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Ep. 904: Roger Martin Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

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The Fed's Master Stroke to Change Everything

The Fed policy has buoyed the expectations economy as opposed to the real economy. The SMB 500 is traded at about 19 times earnings through its history. That's why we have stock prices that are high in part because when you take all those future earnings stream that you imagine have expectations will happen and discount it at a lower number, they're worth more.

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