Penrose Stairs

I talk quite a bit about self-referential market dynamics in these pages. Some of those discussions likely come across as the stream-of-consciousness musings of someone who's been doing this (whatever "this" is) too long. Often, when you become intimately familiar with a subject, every aspect of it starts to look like a reflection of some other aspect, usually because it is. It's only once you immerse yourself in something for years or, more aptly, decades, with no breaks, that you understand

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One thought on “Penrose Stairs

  1. Value vs growth is a rabbit hole in this environment. Better to focus on sectors that may not be as affected by rising short rates and slower growth. Big pharma might seem like a logical choice as an example. There are others as well, but trying to parse this as a growth vs value or quality etc may be aiming at the wrong target.