Once again, Dave Barry makes me laugh in unexpected ways.
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3 comments:
My favorite:
"Portland, Ore., where for many weeks protestors have been seeking social justice via a combination of peaceful demonstrations and arson."
If only the MSM could report so clearly.
An amazing feat of levity,, but I noticed one subject was too scary for even Barry to touch: the high-wire stock market. Reportedly, most investment managers expect double digit gains in 2021 and don't mind buying Apple at 33 times forward earnings. Good luck with that.
I just read that most CIOs expect the stock market to be flat.
For Apple, there are two unknowns: conversion to the 5G iPhone, and performance of the M1 chip as they migrate to their own silicon. In a best case scenario, those developments might justify that 33 multiple through earnings growth.
The other part is, which stocks do you prefer to Apple? They are all at very high P/Es. Even P & G is at 27. We're near the internet bubble levels.
With interest rates this low, the bond market is like a time bomb, waiting for inflation to return to go off. Bonds look more dangerous to me than Apple at 33 times forward earnings.
But having said that, I am considering selling some Apple at these prices.
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