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David Ricardo, anyone?

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That bloke pretty much summed it all up more than 200 years ago.  'Higher wages come at the expense of higher profits'

Quote

“We are looking for companies that can grow their market share without sacrificing their margins due to wage pressures.”

https://uk.reuters.com/article/us-usa-stocks-weekahead/fund-managers-look-for-value-in-high-priced-consumer-sector-idUKKBN20F1PK

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