Someone dug this old gem up, so I checked the resulting outcome, 6+ years later. The moral of the story is don't buy Clorox for 30x earnings and don't lend money to the government for a 0.6% yield. If you do, you're gonna have a bad time.
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the shift from 50th to 99th percentile earnings has no negative effect on women’s fertility, and unearned income for women has a neutral-to-positive effect
if we if if today PEs were 15 as opposed to 23, I say that's a lot less risk. A lot less to fall and you have some upside. I would say at 23, there's not a lot of upside and there's a long way to fall.
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