because corporate profits grow or price-to-earnings multiples expand. Smolyansky found that reductions in corporate tax and interest rates accounted for over 40% of the real growth in corporate profits between 1989 and 2019.
"Investors therefore got lucky," Smolyansky wrote."I contend that this spell of good luck is most likely at an end."
France Dernières Nouvelles, France Actualités
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