True also. This cycle has definitely a proven point now about how asset prices are a fungible for currency inflation. Every flavour is different though... with

True also. This cycle has definitely a proven point now about how asset prices are a fungible for currency inflation. Every flavour is different though... with this kind of inflation, what what government y prints, government y receives. A central bank handles the deficit, but the asset inflation is global, not limited to a national currency. Probably destabilizing in a game theory sense. That said, there's also the fact that for amzn, 2020 has really made prospects X% better. X% of amzn makes up for a lot of Y% worse in companies that do worse in a pandemic. There's a definite correlation between company size and prospects in this crisis year. On government equity, I agree. Macroeconomics needs a do over. I think norway proves the principle of governments owning equity stakes pretty handily. Incidentally, Norway would probably have been (could still be) an even bigger success case if they adjusted even more boldly. A lot gets lost on regular price inflation.