Back To A 20th Century Stock Market

Based on our proprietary metric, the U.S. market has been selling at elevated valuations since the Persian Gulf War. Q1 2020 hedge fund letters, conferences and more The market appears to be headed back to pre Persian Gulf valuations, of most of the 20th century. Individual stocks are already there, and those are the ones that we recommend. The Dow 30 Industrial stocks provide the best illustration of what we mean. When we talk about pre Persian Gulf War valuations, we do not mean pre Persian Gulf War levels in the 2000s. Instead, we refer to the multiples of our…