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Michael Lewitt points out that stock markets “are chasing the highest valuations in history.” As the graph below shows, they still have some way to go to match the hi-tech bubble excess of 2000. But the US stock market is now at the same level of valuation as just before the 1929 crash.
And yet financial markets are not supported by strong corporate earnings and real GDP growth. According to Factset, estimated non- GAAP earnings growth for S&P companies in 2016 was a paltry +0.1% (and GAAP earnings growth was negative). Revenues were up roughly 2.0%. “Wall Street strategists trying to tempt investors into buying more stocks at these levels are playing with fire.” (Casey).
full: https://thenextrecession.wordpress.com/2017/02/06/share-prices-profits-and-debt/
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