Subject: Re: S&P Free Cash Flow growth
expanding from 4% to 11% or so - 1995 to today
kinda of incredible

A bit unexpected, by me anyway.

One hopes that nobody confuses the cycle for a trend, which the added trend line and arrowhead on that chart are leading you towards. We know the trend shown has to have an end.

You can't say "what goes up must come down"--margins could stay this high for all I know. But you can observe that "what went up could go down"...the chart is proof that 4% is a possible number.

Jim