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."
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Micron stock rises as CEO calls bottom in memory-chip marketMicron shares rose in the extended session Wednesday after $MU's chief executive called the bottom on the sector, and revenue came in slightly higher than expected. The company reported a third-quarter loss of $1.9 billion.
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