[S&P Global's inflation survey](https://www.marketwatch.com/story/u-s-inflation-picture-is-the-worst-in-almost-4-years-f3a3b03a?mod=mw_rss_topstories) screams trouble — worst pricing pressures in four years — yet $SPY keeps dancing near all-time highs. This disconnect reeks of late-cycle euphoria. Here's the brutal math: companies scrambling to pay premiums for scarce supplies face inevitable margin compression, not the multiple expansion Mr. Market keeps pricing in.

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