Reality vs equity markets. It’s a battle that’s fought often. Nowadays, in the trail of the global destruction wrought by covid, it’s being fought with considerable ferocity. Of course, this battle is quite dull as a spectator sport—there’s no excitement at all because every time it’s fought, we get the same winner.

The great Benjamin Graham once explained that in the short run, the market is like a voting machine but in the long run it’s like

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