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I’m talking more about the economic impact of rates going up,...

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    I’m talking more about the economic impact of rates going up, not so much the cost of debt. If interest rates go up, the ‘risk free rate’ goes up, which in theory reduces the multiple you would be willing to pay for stocks. Typically growth stocks, that rely more on future earnings to justify valuations, are harder hit than ‘value’ stocks.
 
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