the Macro Strategist is right that (https://news.google.com/rss/articles/CBMisgFBVV95cUxNTmpQYlVadVdmT0V5cTNVN1RBSjVGWi0tWlkyU1J5dG5TRDk1M0RkZUtzUm5GamFKTFhTRWlFMXF5TTREaF9KcWlCeVZ4d0NUSHhxZVU3WldyWlBlZnhpZmxrMG1WbXpuTmpXcmx4bjdlamJKOHpaeUJwSjF2SHUtbkRZOTkxU0Q2OWJKMG5hb2RkSUZIZExrQ3N3?oc=5) are underpriced — but he's making a category error. These aren't structural margin relief.