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" ... Looking forward, a few things could happen. Maybe we could see a similar outlook for the next decade with multiples expanding at the same rate. The problem is then you’d be paying over $100 for a dollar of earnings. That’s not impossible. Yet, in historical terms its extremely unlikely to be sustained. We’re currently at around the highest multiples we’ve seen historically for any period of time. So the chances of multiple expansion continuing unbated are slim. ... "