Newton's Law of Stock-Market Motion
Bill Smead
Smead Capital Management
October 26, 2022
[...] Newton's First Law of Motion states that an object in motion tends to stay in motion unless an external force acts upon it. In the year 2022, we have been reminded how efficiently the stock market facilitates moving money from impatient people to patient people. A bull market in stocks tends to stay in motion unless an external force acts upon it. In this case, the external force is the price of money. [...]
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