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.  Consider 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.  The interesting charts are at the end, so … Continue reading

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