nothing wrong with CSL as a business. (Weighing machine)
plenty wrong with the price the market was prepared to pay for that business (voting machine).
In the short term the market is a voting machine, In the long term the market is a weighing machine,
After several years of excessive eurpohia, backed up by historial share price increases and PE expansion, Mr Market is now questioning his euphoric buy at any price!!!
Over pay for even a good quality business, and future returns could well be future substandard, as highlighted by your very relevant chart.
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