For when you hear: “Nobody saw it coming”

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#FAANG VERSUS #SP500

For when you hear: “Nobody saw it coming”

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The US #economy is approaching a late-cycle phase, when #growth slows and #inflation rises, but we’re not there yet. Typically, #earnings growth lags and profit margins decline but this hasn’t happened due to tax cuts. So it’s more like an “early-late” cycle.

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