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...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....
...That could be what is happening in the p/e chart above. That would not necessarily signal the death of the size factor. One good read Sport gambling is proliferating in the US....
...In the European tech sector, you can attribute the high P/E to heavy weighting of expensive ASML and SAP, which together make up half the sub-index....
...The S&P 489 has a weighted average P/E of 24, cheaper than the whole index, but not by much....
...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....
...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 stock has gained nearly 40 per cent over the past 12 months, outpacing the S&P 500’s 20 per cent rise....
...Japanese stocks traded on a P/E of 67x in 1990. The Nifty 50 traded on a P/E of 34x in 1973....
...“These data will support the hawks” at the ECB, said Tomasz Wieladek, an economist at investor T Rowe Price....
...I don’t think this is quite right....
...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...
...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....
...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....
...The FTSE 100 trades on a 11.6x P/E. This valuation puts the UK on the 38th percentile vs. its own history (since 2006)....
...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....
...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....
...“We don’t have much control over what will happen, and are never likely to,” says Cowen. So we should embrace it....
...On a forward P/E basis, the S&P 500’s 2021 (harmonic) average was 23, versus an average of 22 in the past four months and 18 in the past three decades....
...30x P/E multiple is sustainable given rest of the index trades at 18x,” write Goldman’s David Kostin and team....
...It’s just that we don’t have any strong convictions about the macro environment....
...So everyone piled in and production shot up, but near-term demand hasn’t materialised....
...case of a volatility surge during a market crash, the gamma and delta of the covered calls would quickly go to zero but wouldn’t reinforce the market move (i.e., gamma won’t turn negative)....
...You can’t, as they say, make this stuff up....
...But we are valuation nerds, and can’t help but point out that p/e ratios have to be seen in the context of growth rates, and the Magnificent 7 are very fast-growing....
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