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Chasing The Price And Forgetting The Fundamentals
I've mentioned this on several occasions of late, but it's worth repeating: Career risk is a thing that matters.
If stocks are running away to the upside, the "Why?" isn't especially relevant depending on who you are. Hence the "chase" dynamic that (too) often leads to overshoots during rallies not built on a solid fundamentals-based foundation.
2023 is an example of just such a rally. Earnings are imperiled as the margin outlook darkens, and although the US economy looks like it may yet avert
