that argument? I think rates pretty much bottomed back then. I think that as rates normalize and as liquidity starts coming out of the system, the two of those events, which I think have already started, you can say, okay, well, rates have gone up or down. I would say that that marked a low point in terms of rates and a high point in terms of liquidity. There's such a disparity now between value and growth all over the world. There's so much concentration of people's portfolios on growth versus value. To me, it's cost of capital and liquidity. The things that have caused this disparity in performance have changed. In terms of liquidity, there's different ways of looking at liquidity. If you take the US, the Federal Reserve balance sheet, that's rolled over. It's still massive, but it's moving, whether it's on an absolute basis or a percentage of GDP it's shrinking. You look at government spending, it's completely out of control. We've never had government spending these budget (27/57)
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