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  • Will there still be enough wealth at the bottom of the chain?

    It’s really about availability of debt rather than wealth.

    If bank lending multiples went back to 3-4x earnings rather than 5x+, you would see a fall in prices. Whether this happens is anyone’s guess

  • It’s really about availability of debt rather than wealth.

    Well, it's a bit of both as you have to have an income to start with. But yes, I agree that lender criteria and interest rates are key factors.

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