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Some Inconvenient Truths.
The thing about the multiple expansion vs. earnings growth argument when it comes to what's driving stocks it that, to quote Citi's Tobias Levkovich, "so much depends on the starting point."
When he said that earlier this year, he was looking at things from the bull side of the debate, but as we wrote at the time:
Duly noted, but I guess what we would suggest is that his “starting point” is just as arbitrary as the “starting points” he’s criticizing. Why his are any more legitimate th
Good article
Anybody that looks at the Goldilocks scenario might want to think about how far off a 6 multiple, like 1981 is, and at the same time be realistic about tax rates given what resides in Washington along with how our own actions mirror Brexit, which will give our economy their current #s.
The turkey in the oval office will somehow cause a problem, he didnt drain the swamp, just refilled it with many people less smart than him. Some good points in your article to ponder with a digestif….of your personal flavor.
Boeing up 88% over the last year with a forward PE of 24 – no thanks. Acting like a tech startup – absolutely insane!