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Enter Medtronic. A titan, yes, but one with a touch more humility, or at least, a more reasonable valuation. A forward P/E of 16.3? A small mercy in these inflated times. A trifle below its five-year average, a detail that doesn’t shout from the rooftops, but whispers a quiet suggestion to those who listen.

But here’s where it gets interesting. People seem to be overlooking something rather crucial: AMD’s free cash flow. Now, free cash flow, for the uninitiated, is essentially the money a company has left over after paying all its bills. It’s the stuff that can be used for, well, pretty much anything – paying dividends, buying back shares, or, if they’re feeling extravagant, commissioning a solid gold statue of the CEO. And AMD’s has been surging.

Most predictions suggest this growth will continue for several years, likely extending well into the next decade. But the truly fascinating question isn’t if Nvidia will grow, but how much. It’s a question that leads one down a rabbit hole of projected spending, hyperscalers, and numbers so large they begin to lose all meaning. Which, as a student of history, I find endlessly diverting.

It is, of course, tempting to look to the celebrated investors—the titans of finance—for guidance. They are, after all, compelled to reveal their holdings, albeit with a delay that renders the information more akin to a historical document than a timely oracle. Bill Ackman, a name whispered with a mixture of respect and apprehension, offers a curious case study. He does not, it appears, chase the glittering novelties with unbridled enthusiasm. Instead, he seems to favor a melancholic approach—acquiring those once-favored stocks now fallen from grace, those whose potential has been overlooked in the relentless march forward.

The central question facing Robinhood is whether it can evolve from a beneficiary of transient market conditions to a durable, long-term compounder of capital. This transition requires a fundamental shift in its operational dynamics and strategic focus.

Let’s rip off the bandage first, shall we? Multiple indicators, the ones that have a knack for predicting downturns, are currently doing a rather dramatic interpretive dance of doom. It’s not subtle. The S&P 500 Shiller CAPE ratio, for example, is at nearly a record high. Which, in layman’s terms, means things are… inflated. It measures average inflation-adjusted earnings over a decade. A long-term valuation tool, basically. Historically, higher CAPE ratios suggest prices could fall. The long-term average is around 17. It peaked in 1999 at 44, just before the dot-com bubble decided to pop. As of right now? Nearing 40. Second-highest ever. It’s like watching a slow-motion car crash. You know it’s coming, you just can’t look away.

But the landscape is not barren. Starwood Property Trust and Main Street Capital offer alternative paths, less flamboyant perhaps, but hinting at a deeper resilience. They are not merely chasing the highest branch, but building nests designed to withstand the coming storms. A trader knows the value of diversification, the wisdom of scattering seeds across multiple fields. It’s not about avoiding the wind, but about ensuring something survives its passage.