The government’s red ink is the private sector’s black ink. Recessions have always happened not because of government deficits or debt, but because of the LACK of deficits; rein in spending, and the economy contracts. That much we know. What we are likely to do for the next while is continuous (and hopefully, Goldilocks in nature) stimulus. The only danger is inflation, but so far that has not been a problem. That is how the economy and the stock market could continue expanding for years.

Forty years of private equity trading, and still learning.

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