Fritz Meyer Economic Update, August 2018

Very good. Perhaps need a bit more elaboration/rationalization when going to the place of "It's different this time.", which Fritz did more so than usual with respect to throwing out all traditional valuation metrics as "no longer valid while margins are high". Can't margins become not high, just as they can become high,...and then we'll look up and say "Oh, all those traditional valuation metrics really do matter after all because even margins mean revert through time?