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If share prices fall further, the reverse wealth effect on consumer spending could be bigger than in the past.
If share prices were obviously too high, investors would sell their holdings until prices fell to the correct level.
If share prices rise as a result, then the wealth effect will boost consumer confidence and the economy.
If share prices recovered strongly then, they can surely do so again now.Remember, however, that the 1970s saw double-digit inflation.
If share ownership comes at the expense of wages, workers may simply be shifting from a stable and liquid form of compensation to a riskier one.
The idea was to sell futures contracts on the stockmarket; if share prices then declined, the profit in the futures market would offset losses on the underlying portfolio.
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If shares of other companies were truly undervalued, Berkshire probably wouldn't be buying its own.
Both bets involve Mr Ashley benefiting if shares in the company rise beyond a certain level.
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