June was forgettable, but Q2 was anything but — $SPX up 14.87%. Earnings actually grew this time (not just multiple expansion). The equity risk premium now sits at 4.17% over the 10-year.
That's a reasonable premium by historical standards, not screaming cheap but not absurd either. Markets can run on improving fundamentals. The real question: can earnings keep pace, or are we back to pricing in perfection?
Stay disciplined.
That's a reasonable premium by historical standards, not screaming cheap but not absurd either. Markets can run on improving fundamentals. The real question: can earnings keep pace, or are we back to pricing in perfection?
Stay disciplined.