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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.

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