This Is NOT an Earnings-Driven Stock Market
Stock price gains have outstripped profit growth four-fold
Highlights
• Stock price gains have outstripped profit growth four-fold…
• … and the pace of multiple expansion is a near-2 standard deviation event
• Neel Kashkari is the latest to push the “higher for longer” narrative
• Price wars and discounting activity are on the rise (not inflationary!)
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