Subject: Re: OT: Navigating Lost Decades
True for one stocks, true for all stocks: high starting valuation multiples are a bad omen for forward returns.

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There were also some tough stretches for Berkshire where starting valuation was quite reasonable (mid 2000's) and the market return after 7-8 years was close 0% due to GFC in the middle. I was more comfortable with Berkshire during that time than anything else in my portfolio (ex-cash).