On US equities’ multiple expansion

OK, one more post before I hit the bed to sleep again here. After I released my daily commentary a few weeks ago about S&P500 earnings, wages and multiple expansion, there has been a lot of talk about multiple expansion in the media. I think this talk is warranted because this is the crux of the rise in shares right now.

Here is what I said:

First, what is interesting is that the Dow has hit a new high and the S&P500 is really close despite the fact that S&P500 earnings peaked ...

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