Reuters (January 29)
“Equity analysts are still counting on a speedy reopening. They expect the 1,585 companies included in the Global MSCI Index to report 6% higher net profit this year than they did in 2019, and 21% higher earnings in 2022.” Constituents are “still valued on an average multiple of 21 times this year’s forecast earnings, far above a long-term average of 16 times. With the path out of lockdowns looking uncertain, such exuberance is likely to end in disappointment.”
Tags: 2019, 2022, Analysts, Disappointment, Equity, Exuberance, Forecast earnings, Global MSCI, Lockdowns, Multiples, Profit, Reopening, Uncertain
Equities.com (May 30)
“Ultimately, we believe at present that the majority of important economic, financial, and market indicators, as well as the established historical pattern, suggest that a final period of rally and exuberance lies ahead before the bull market that began in March 2009 finally ends. It may be that this rally is led by smaller U.S. companies, by non-U.S. companies, or by commodity-oriented stocks. The culmination of the rally could take place later this year, or more probably be delayed until 2019 or 2020.”
Tags: Bull market, Commodity, Companies, Economic, Exuberance, Financial, Indicators, Market, Rally, Stocks, U.S.
New York Times (March 19)
Will Crimean exuberance over a Russian homecoming soon turn to disappointment? History suggests as much. When South Ossetia was liberated from Georgia in 2008 “people were delighted to see the Russian soldiers…. But within a few months of Russia’s recognition, shivering through the winter behind windows made of plastic sheeting, people began to wonder when the billions of rubles of aid pledged by Russia would reach them.”
Tags: Aid, Crimea, Disappointment, Exuberance, Georgia, Rubles, Russia, Soldiers, South Ossetia
