Trader: Stocks Are “Acting Like The Last Honest Man In Town”

“Equities investors are acting like the last honest man in town. Couldn’t care less about politics, geo or domestic. And aren’t ashamed to admit it. Give ’em tax cuts and deregulation and they’re happy. Throw in repatriation holidays to fund buybacks and they’re ecstatic. Add the sovereign wealth funds and they won’t even give you a dip to buy. Earnings per share is as outdated a concept as value investing. It is what it is, until it ain’t.”

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