Market valuation and corporate earnings
 

Market valuation and corporate earnings
Today’s commentary

Markets have failed to correct 15 or even 10% for a record period of time during this cyclical bull market. Given the stretched valuations, this makes the market vulnerable to a pullback. What are the types of events which could precipitate such a pullback? Would this pullback presage a new bear market and recession? Thoughts below

I am going to keep this piece short given the last piece by Niels Jensen on valuation. I think Niels makes a very good case for seeing the US market as overvalued relative to other markets and for seeing the market as rich but **t in a bubble.

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