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| The incredible pace of technological innovation (and the resultant efficiency gains) is what has kept a lid on inflation for the past 40 years.
We are in a recession if you strip out the rapid tech growth.
As far as valuations of these tech companies, obviously that is the $10T question... you can't argue the innovation (those chips are incredible), but value could be cheap, a bubble, anything in between.
Edit add: Didn't finish my first thought... The politician's (Red and Blue) fiscal recklessness has only skirted disastrous inflation so far due to the incredible efficiency gains of the last several decades. They appear willing and able to spend so much that we hit the Debt to GDP wall in my children's lifetimes anyway.
Edited by reformedbanker 11/20/2025 08:40
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The stock market is up only 1.7% over the last 12 months
