Rising rates can suck the life out of equities

We've had good stock markets and historically normal interest rates at the same time. As long as rates don't go crazy high I think the markets will adjust.

6-7% mortgages aren't outside of the norm from a historical perspective, 2-3% mortgages are. I do think the economy will go through an adjustment period while saying goodbye to all of the cheap money.

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You are correct but the move from historic lows to that will be problematic.

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Your equities gains are a house of cards when the ruler they are measured against is corrupted. Its like no one sees this. You are breaking even.