Issue 23 – It’s About Engineering Lower Inflation

S&P’s forward P/E multiples have fallen 33% in the last six months. Thirty percent is the median for every recession since WW11. Given the absence of an absolute recession, it makes current stock prices look particularly cheap. For now, recession is less than a 50% probability: it’s simply not a reality.


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By Hubert Marleau

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By Hubert Marleau

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