If a cap gains cut came, the Reagan expansion stood to continue indefinitely as the budget deficit shriveled.

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Maybe that's because the '80s represented something of a sports sweet spot, coming after free agency and racial integration had become the norm, but before further expansion, big payroll disparities and salary cap rules began making it tough for top teams to assemble and stay together.

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Small-cap cyclicals get all the attention early in every economic expansion because year-over-year earnings comparisons look great coming off a depressed base.

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