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The market environment has changed dramatically from that which defined the past two decades.

Interest rates are significantly higher which should bring equity valuations down though that is clearly not the case today.

However, this may be one reason insiders have little to no appetite for their own shares at present.

Then again, it could also be that they see the economy being significantly weaker than traditional measures suggest.

Certainly, the deteriorating breadth of corporate earnings supports that view.

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