There are two key variables that influence the price of each stock you own

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There are two key variables that influence the price of each stock you own

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There are two key variables that influence the price of each stock you own
  • The earnings of your underlying companies
  • The multiple that investors are willing to pay for those earnings – which we can think of as “investor sentiment”

But see how this flips the further out you go (the columns to the right).Image
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