Inflation. Deficits. Wars. Fears of an artificial intelligence bubble. It feels like an unusually long list of reasons for investors to worry. Yet the headlines looked remarkably similar in the 1980s and 1990s, before the most durable equity bull market since the Roaring Twenties. Today, interest rates are hitting higher highs for the first time in more than 40 years, even as equities approach record levels. Official inflation measures remain elevated, but real-time data tell a different story. Oil remains a wildcard. Meanwhile, the cost of artificial intelligence is collapsing. These trends might seem contradictory. We believe they make more sense when viewed through 230 years of market history, not just the last 60. Could falling inflation, accelerating real growth, and disruptive innovation be setting the stage for history to rhyme again? Read @CathieDWood’s Investor Letter.