Monthly Archives: August 2013

Earningless bull markets are bull markets in which stock prices rise substantially despite falling earnings.  Consider two examples from U.S. market history (price and EPS are for the S&P 500): Both of these earningless bull markets started from low valuations. … Continue reading →

This piece looks at issues related to the “Great Rotation”, the view that U.S. investors are in the early stages of a reallocation of their wealth out of bonds and into stocks.  The interesting charts are at the end, so … Continue reading →