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I would argue the gains are "fake" if the inflation of spending of the investor class tracks the market. In other words, we see inflation in private school tui

I would argue the gains are "fake" if the inflation of spending of the investor class tracks the market. In other words, we see inflation in private school tuition, homes, etc, that is correlated with this bull market.

harambae 6y ago
That's it exactly - the hamster wheel of this whole thing. I've made more money than I expected as a programmer and gotten better investing returns too. And yet the prices of homes keeps going up and inflation in other areas is almost certainly going to follow as monetary velocity is increasing. I've never been a gold bug, but I get pushed a little further in that direction each day.