Author: UPFINA

A lack of need to expand capacity? There isn’t any other reasonable response since uncertainty and the need to preserve cash are low.

Equity offerings have exploded recently. Supply is like a fire extinguisher putting out a bubble in markets. Demand can never exceed supply.

Sales growth drives long term stock returns, but that doesn’t mean you should pay high sales multiples for money losing companies.

The US CAPE ratio is near the peak of late 1999, while US households have nearly a record high percentage of their assets in stocks.

We are either very close to the peak in regional Fed data while the 1 month breadth of the earnings revision ratio is among the strongest since 1999.