Stock Market at Records, But Inflation Clouds Outlook
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Stock market "all-time highs" exclude inflation reality - valuations should be inflation-adjusted
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Inflation-adjusted, the stock market has not yet exceeded previous highs
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Investing during inflation is challenging - dollar gains can still mean real losses
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Inflation tests companies' pricing power, costs, margins - not all stocks work together
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The market rises are driven by the top 5-10 companies - change is coming as optimism peaks