Below, find something to ponder on a quiet Sunday evening.
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If the demand for equities emanates solely from the corporate buyback bid and ETF flows…
(Goldman)
…and buybacks artificially boost EPS…
(Barclays)
…and three quarters of the rally off the 2011 debt ceiling crisis lows is attributable solely to investors paying more for a dollar of those very same artificially inflated earnings via ETF purchases…
(Goldman)
…then how is any of this real?
