Monthly Archives: August 2013

Earningless Bull Markets: Why Do They Happen?

Earningless bull markets are bull markets in which stock prices rise substantially despite falling earnings. ┬áConsider two examples from U.S. market history (price and EPS are for the S&P 500): Both of these earningless bull markets started from low valuations. … Continue reading

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The Great Rotation: Asset Shortages and the Aggregate U.S. Asset Portfolio

This piece looks at issues related to the “Great Rotation”, the view that U.S. investors are in the early stages of a reallocation of their wealth out of bonds and into stocks. ┬áThe interesting charts are at the end, so … Continue reading

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