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In general: great thing these short blogs that bring a complex academic treatise to the point. For me as a Swiss, this is not always the case with Germans :-). No, really hats off to fill this blog almost daily..really strong! A question about this article, what would be (from your perspective) their first deduction from it for investing / stock market? Thank you very much and hope for many more insights from the mountains of numbers that you have worked on. Best Regards Andi

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