jmorace

Fair Value for the S&P: It's Not 440

Ahhh. Fine, you can't value the market on it's earnings trough. Fine, fine, fine. But what are normalized earning? What will the "new normal" be? What kind of recovery is coming, and when? Oh, and is it every a 'normal' time? No time is normal, as much as you might like to forget about the backdrop when you look at 'stats.' This is what got the hedgies into so much trouble. Perhaps it's time to think a little more clearly.