"Not sure this relationship is still intact (particularly as...

"Not sure this relationship is still intact (particularly as growth is likely to slow at least for a quarter or 2), but here goes:"

The darkest hour is just before dawn.

The coldest hour is just before dawn.

If, you can keep your head, while all around you are loosing theirs and blaming it on you, your will be a man my son. https://www.poetryfoundation.org/poems/46473/if---

There is a very small number of people that I trust. And I only trust them in very limited roles. I don't generally trust anyone. But you I trust with this graph / valuation theory.

Due to stimulus, QE / interest rate cuts / crises creates consolidation in each industry / etc / ect lets say 'business and economic reasons' I think the multiple will be higher post crises. Did you mention 1.128 once? or did I work that out backwards from your work? I think that could go to 1.24. If you want a growth business, with no legacy real estate, and no legacy staff pensions, and no legacy IT issues, and no compliance issues (like CBA and HSBC) that is not a vice industry / black industry such as guns, oil, coal, gambling, booze, etc, there is not that much for an 'ethical' funds manager to buy. In the long run I am with Polar Bear 166.66