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Good evening all.

A few interesting charts mapping the credit cycle, employment and corporate profit.

The first shows private sector credit dropping negative again just as it had before the previous recessions.

This chart is as clear as it gets as to what to to expect in the coming years for the economy.

Next, corporate profits/GDP.

This measure has been on a long slide lower over the last few years,

just as the stocks which represent these profits have been on a tear higher over the same period.

This chart points the way for the valuations of these stocks.

Down to business.

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