Post #7925 by tecmo on the Berkshire Hathaway board

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I think those factors are a whole lot more important when you're considering any one company, or a few very large ones, or even an industry. When you're considering the entire US economy as a whole, top level macro limits come into play. Not every student can be above average.

The S&P 500 is not a proxy for the entire economy...

tecmo
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