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P/E Multiples

Jun 07 2022

The Bear Market In P/E Multiples Rages On

  • Jun 7, 2022

Throughout most of the COVID rebound, market bulls told investors (correctly) to ignore valuations and simply ride the liquidity tide. But with that tide now flowing out (and at possibly its fastest speed ever), guess what the one-time liquidity junkies see as a reason to stay in stocks? Yes, cheaper valuations!

Jan 07 2022

New-Era Profits, New-Era P/E Multiples

  • Jan 7, 2022

The current mania won’t last forever. But our use of the “New Era” label in describing the last-quarter century or so of stock-market dynamics is still useful—in part because it highlights fundamental developments that simply cannot be repeated indefinitely. 

Apr 07 2020

The Bull Is Dead, But The Leaders Live On

  • Apr 7, 2020

The bull market of 2009-2020 is no longer. But its spirit—its leadership—has somehow lingered, right through the worst of the decline and during the eleven-day, +19% S&P 500 bounce that followed.