If the full extent of the market decline, which began in March, bottomed on April 8th, it will stand as the deepest loss in our register of severe corrections (-12% to -19%) dating back to 1959. It is notable that, other than 1999, in all prior cases the SPX bottomed with a Normalized P/E ratio below its median of 19.4x; on April 8th, that figure (25.4x) still ranked in bubble territory.
May
07
2025
A “Presidential” Put?
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Perception for the Professional
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