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I don't think there's a whitepaper out there that the Fed is pointing to that says, no, 2% is the correct long-term rate of inflation. If you're telling me that rates are going to stay high and go higher, the cost of capital is going to continue to rise, that worries me a little bit from a valuation perspective. laughs] I'm serious.
Before we get to the results, I just wanted to flag that beginning in the fourth quarter of 2023, amortization of in-licensed rights and income tax expense or benefit are no longer excluded from non-GAAP results. Our next question comes from the line of Brian Abrahams with RBC Capital Markets. To your point, there are some differences.
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” A : Money is NOT a store of value to be useful, a dollar must maintain its value long enough for me to pay my rent or mortgage, buy food and energy, fund my entertainment and travel, pay my taxes, and get invested. I use the phrase Purposeless Capital , and it applies here. It does that splendidly. are simply tools.
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