Valuation Update: TTM P/E is 15.69 v. 15.49 historical average. So the "stocks are cheap" story is officially over. And that doesn't even correct for margins, which are almost twice the historical average, and showing signs of having already peaked. So despite the market's euphoria, I am in no way prepared to say we won't see 1100 ever again. I think we definitely will, in fact lower than that, just not in the near term.
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