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US equity valuations at the start of
Trump's second term are higher than the start of any other
presidential term in history.
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00:01 - 29/01/25
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Over the last 10 years, US Federal
Government Tax Revenue has increased 58% while Government
Spending has increased 93%. The result: a doubling in the US
National Debt from $18 trillion to $36 trillion.
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“‘Prices are too high’ is far from
synonymous with ‘the next move will be downward.’ Things can
be overpriced and stay that way for a long time … or become
far more so.” - Howard Marks
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Buying
an apartment in New York City is pretty much impossible for
most people
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Economists now see a 22% likelihood
of a US recession occurring in the next 12 months, the
lowest probability since January 2022.
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