Valuations Bull Market

Valuations Aren’t The Main Catalyst Of This Bull Market

It’s obvious to most investors with any experience that they can’t justify buying an asset just based on the recent price action alone (technical analysis aside). You don’t buy based on price; you buy based on value. The price action means nothing without context. This point needs to be extended to multiples. When investors review stocks, they assign high multiples to companies expected to grow fast and low ones to firms expected to grow slowly. Every number when analyzing a firm has context. A software company is expected to have high margins because of its industry and . . .

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