Bears like to point to the unsustainable level of corporate profits in a slow-GDP economy, but the S&P 500 - trading at just 14.7X earnings vs. a long-run average of 16.6 - may have priced this in, writes Scott Grannis. If the economy stays slow - but avoids recession - stocks should do just okay, but if we get a pickup in growth, look out for far higher prices.
Bears like to point to the unsustainable level of corporate profits in a slow-GDP economy, but...
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