What Bull Market?


A few ways to look at my chart above…

a) What bull market? No progress for any equity asset class in 18 months, lots of losses.

b) The fact that US stocks (large, mid, small, in the yellow circle) are essentially flat since last summer is just a consolation prize, I suppose.

c) The destruction to foreign equities and gold means lots of frustration.

d) Those saying that “markets” have run too far, too fast, have no idea what they’re talking about.

e) Earnings still matter after all. No earnings growth, no returns.

f) Thank god for buybacks. This would look materially worse without them.

g) During every secular bull market, there are years where stocks take a pause. This would be the charitable way of thinking about things.


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  1. Top Newsstuffs (December 14-20) | The Buttonwood Tree commented on Dec 20

    […] What bull market? | Josh Brown (The Reformed Broker) No concerns about a bubble or late-cycle bull market anymore, since global equity markets have consolidated (at best) over the past 18 months & fundamentals are dictating performance again… 1/ Stocks have consolidated: US indices flat & international in another bear market 2/ Earnings matter again: no EPS growth → no returns 3/ Buybacks buoying stock prices 4/ Every secular bull market has years of consolidation #Bullish […]

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