"The last five years have been unkind to anyone who refused to chase the crowd. But discipline has a way of ageing well – and right now, the gap between what our companies are earning and what the market is pricing is as wide as it’s been in over a decade."
"Short term volatility is simply the price of admission for long term growth."
"Recent momentum-filled gains were abruptly reversed after the jobs report showed that the US economy is running quite hot while there is still no easy offramp from the conflict in Iran. Add them up and we get persistent inflation, no hopes of rate cuts, and a Fed model left tail that is causing valuation pressure on equities. Fortunately, earnings are booming, which should help offset any P/E derating. But the pressure is coming at a time when a lot of excitement has built about the upcoming giga IPOs. Momentum builds quickly but can evaporate just as fast."
"If you don't know what you're buying, it makes sense that you'll just be speculating."
"Short term volatility is simply the price of admission for long term growth."
"Recent momentum-filled gains were abruptly reversed after the jobs report showed that the US economy is running quite hot while there is still no easy offramp from the conflict in Iran. Add them up and we get persistent inflation, no hopes of rate cuts, and a Fed model left tail that is causing valuation pressure on equities. Fortunately, earnings are booming, which should help offset any P/E derating. But the pressure is coming at a time when a lot of excitement has built about the upcoming giga IPOs. Momentum builds quickly but can evaporate just as fast."
"If you don't know what you're buying, it makes sense that you'll just be speculating."