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Beware of 'long stocks': Instead of focusing on companies' future growth, consider current profitability

Theres often a movement of capital towards ‘long stocks when interest rates are low. These are the stocks of companies believed to have many years of rapid growth ahead. For these companies, more of the projected cash flows are in the distant future. Yet, investors may become more attracted to these stocks when the rates are low.
Howard Marks Good Bad Wall Street Long Stocks Equity Market Lower Interest Rates

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