Friday, May 1, 2009

A New Bull Market?

ZeroHedge does not think so making his case looking at the table below which compares the current situation to the metrics as they were at the start of the 82 bull market.
You had then less credit and leverage, higher interest rates and inflation, lower PE, higher dividends, mores savings, less equities in the portfolios, all conditions that could set the stage for a credit fuelled economic expansion with an expansion of valuation multiples.

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