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...Over the past year the FTSE 100 has gained 1.23 per cent, while the S&P 500 has risen by 31.3 per cent....
...“When it’s gone, it’s gone, we can’t have a 13th team on the grid,” Dodds said. “We can’t sell it twice.”...
...LSEG hasn’t split out earnings in its latest accounts, but S&P Global says its indices generated net profits at $925mn in 2023, and MSCI said they clocked in at $1.1bn....
...And as Chronert points out, S&P 500 performance this year has been notably correlated with economic surprises (his chart): The simultaneously strong market momentum and delirious sentiment doesn’t worry...
...of a marketplace with no barriers to entry, constant influx of new competitors,” Joanne Crevoiserat, the company’s C.E.O., told DealBook....
...The stock has gained nearly 40 per cent over the past 12 months, outpacing the S&P 500’s 20 per cent rise....
...The S&P 500 isn’t at such extremes today....
...The P/E relative of the stock on UBS 2026E EPS (against the market) goes to a record high of 152% on the UBS forecast of earnings. 2....
...The forward P/E of the Mag 7 is 31. The rest of the S&P 500, excluding the Mag 7 and four stocks with negative expected earnings, has a forward P/E of 19....
...Why aren’t earnings estimates higher? This is a robust economy....
...The S&P 489 has a weighted average P/E of 24, cheaper than the whole index, but not by much....
...I said this to the staff of the SEC and to Gensler, which is you think that Schwab, Fidelity, Vanguard, Morgan Stanley, E-TRADE, they need to be told where to send their retail orders, like they don’t have...
...The leading seven tech stocks traded on a 24-month forward P/E of 52x in 2000, more than double the Mag7’s 25x....
...That’s around a quarter of an Nvidia or a single SPDR S&P 500 ETF. Things have changed....
...I don’t think this is quite right....
...Those without strong opinions can refer to comprehensive coverage from the FT’s Richard Waters, Stuart Kirk, Sujeet Indap (twice) and Lex, as well as a multi-bylined Q&A....
...It launched Amazon Q, an AI-powered assistant for users of its cloud services, in November....
...“These data will support the hawks” at the ECB, said Tomasz Wieladek, an economist at investor T Rowe Price....
...Below is the trailing P/E ratio on the S&P 500: There are other signs of dizziness out there. Some individual stocks have gone bananas....
...“We don’t have much control over what will happen, and are never likely to,” says Cowen. So we should embrace it....
...But valuation shifts don’t go on forever....
...In our view, this probably explains their strong re-rating (forward P/E of 27.2x), and why they are trading at a 110% premium to the STOXX 600 (13.0x)” wrote....
...If this wasn’t provocative enough, bondholders were then told that they should brace themselves for haircuts....
...The failure of higher rates to pop bubbles (when stocks someone doesn’t own rise a lot in value) is a source of continual annoyance....
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