Equity Valuations, an Everything Bubble and “Policy Trumpacho”

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mishtalk.com / Mike “Mish” Shedlock / February 5, 2017

The SP is up 8% since the election. Volatility has been squashed. The VIX is near record lows. Jason Leach at Fusion Capital credits “Policy Trumpacho“.

This is a guest post by Jason Leach with minor editing and a few new subtitles.

Policy Trumpacho: It’s Digital

much talk on the TV these last few months: (i) how valuations don’t matter, (ii) how it is about sector rotation, and (iii) how making America great again is going to unleash financials, industrials, materials, energy, etc.

I’ve read fundamental and technical research and attended conferences with virtually no mention of potential downside. How could there be when everything is “breaking out” (healthcare be danged) and a cursory glance at the omniscient forward multiple on the SP 500 is barely above the historical 16.5x mean, at a warm porridge just right 18x.

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