Posted inAT+, Global Value Strategist

China and the Fed rule markets together

American stocks look bubbly. At nearly 40 times backward-looking earnings, the price-earnings ratio of the S&P 500 was higher only once in history, just before the 2000 tech stock crash. If it’s a bubble, though, it’s a rational bubble driven by two factors that are easy to visualize in the charts below. The first is […]

%d bloggers like this: