Steve Blumenthal: High Valuations = Low Forward ReturnsGuest Post
High Valuations = Low Forward Returns by Steve Blumenthal, CMG Capital Management
“I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.”
- Jimmy Dean
Over the course of the first quarter, Standard and Poor’s lowered their forecast for 2015 earnings from $135 per share to $112 per share to $110 per share. With prices already high relative to corporate earnings, such a trend is not an investor’s friend.
Let’s . . .
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