Earnings Estimates: Do Not Say You Were Not Warned – Again

Earnings Estimates: Do Not Say You Were Not Warned – Again by 720 Global “What The Fed did, and I was part of it, was front-loaded an enormous market rally in order to create a wealth effect… and an uncomfortable digestive period is likely now.” – Former Dallas Federal Reserve Governor Richard Fisher – January 5, 2016. Throughout 2015 we discussed various measures of evaluating equity prices. All of our analysis points to current equity valuations indicating the market is at an extreme and that poor future returns should be expected. As a result, we have not been shy to…