X @Balaji
Balaji·2025-08-05 21:08
The deep point is: the Internet is not the same as America.Every graph shows that the Internet is economically competitive. But America minus the Internet is not.Holger Zschaepitz (@Schuldensuehner):OUCH! The S&P 493 – that’s the S&P 500 excl “Magnificent 7” – is expected to deliver just 2-3% net income growth in Q2, Q3, and Q4. That’s slower than inflation, meaning most of the market is barely growing in real terms. Measured against this, US equities are quite expensive! https://t.co/aoyWzRI2LN ...