Right, so if we look at P/Es, EV/sales, EV/EBITDA (every first year MBA’s favorite), CAPEs, and P/Bs, we’re somewhere between the 85th and 100th percentiles historically.
That’s bad.
Or wait, I guess that’s good. If you bought before we got to where we are now.
It’s only bad if you’re trying to find an entry point.
So what’s the catalyst now that it’s readily apparent tax reform and fiscal stimulus are going to be a long ass time in the making?
Good question. I don’t think there is one. But for anyone still holding out hope that there’s upside for our standard valuation metrics beyond the 100th percentile, there’s always the old corporate buyback bailout…
(Goldman)
