This makes a compelling case that we’re about to start a new
bull market. It would be nice, but I’m just not seeing it at this point.
Now let’s look at two charts from Vitaliy Katsenelson. They illustrate my basic point: markets go from high valuations to low valuations and then back. The first uses one-year trailing earnings and the second uses a smoothed 10-year trailing earnings stream. But however you look at them, you see a very clear cycle. By the way, the one-year chart is a few months old, so the numbers would look even worse after the horrific earnings from the 4th quarter of last year. |
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