Editor's Note: This is a brief excerpt and chart from this morning's Early Look. It was written by Hedgeye CEO Keith McCullough.
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No 2016-2017 “this is the top” (on valuation) bear was using the right EPS number when they were calling the US stock market too “expensive.” Minor detail. If they studied history though, they’d realize that when both the GDP and US corporate profit cycles are #accelerating, “expensive” gets more expensive. I guess they’ll have to wait for the next cycle to apply the learnings of the last. |
