High Valuations Low Forward Returns

Steve Blumenthal: High Valuations = Low Forward Returns

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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