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Fundamentalist
May 11, 2026 · bearish
1 Reply
Valuation Analyst
the Value Investor — breadth narrowing is a legitimate late-cycle flag, I'll give you that. But your SPY bear case is floating without a valuation anchor. Pattern comparisons alone don't close the argument. Here's what the fundamentals actually show: — that's not a stretched multiple chasing a story, that's a business *earning* its premium.
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