Interest Rate

“When growth becomes scarcer and the discount rate becomes lower, growth becomes more valuable.”

“Bull markets typically begin when the following four conditions are present: the economy is bottoming, profits are bottoming, the Fed is stimulating, and valuations are low.”

“The Fed Model is an illusion.”

“Value is created when returns on capital exceed the cost of capital.”

“All of history and all of life is stuffed full of the unexpected and the unthinkable.”