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5.14.2017 - Free Investing Newsletter Bookmark

All of it
 
Today's letter is about pondering. We're going to ponder the future. It should be interesting.
 
I would guess that by now most of you know that things are just not like they used to be. If you went back 30 years and tried to tell the investing community that GAAP accounting would be replaced with "pro-forma" or "adjusted" earnings, they'd look at you funny. If you told them that in some years, fully 40% of the market's moves were based on stock buy backs, buy backs financed by selling Corporate debt, they'd giggle at you.

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