re: A 32-year market vet warns the S&P 500 is set to fall 50% - 70% in the years ahead

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Correct because the most profitable names with the largest market caps are the only shares with enough liquidity to handle the volume of buying and selling by passive funds and market makers hedging options books. It's not your father's market where P/Es drive transactions. ETA: These companies also have the largest buyback programs.

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