Monday, August 15, 2016
Oh, and about this market versus 1999....
As anyone who doesn't have his head up his ass could tell you, in 1999 the S&P was overvalued on an earnings basis relative to a 10-year yield of around 5%.
Today, the 10-year yield is 1.5%, and yet the S&P is trading at a lower multiple than 1999.
But you'd have to not be an ignorant fucking clown with a newsletter to be able to understand why the distinction matters.