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Valuation Inflation

“In the short run, the market is a voting machine but in the long run, it is a weighing machine.”             —Benjamin Graham You may have noticed a bit of manic activity in the stock market. You may have also noticed inflation (as measured by various government...

Small Business Blues

Politicians love saying small businesses are important to the economy. In this case, it isn’t just rhetoric. The millions of little companies with a handful of workers are, collectively, more important than the few hundred large enterprises we see in the news. That’s...