The pullback in equities makes them a steal. Right?
This is the mantra according to many who feel the market is cheap. Looking at the numbers reveals a different story.
While the market fell throughout much of 2018, forward estimates actually rose. This created a situation where the market looked like a bargain, especially against historical norms.
The only problem is that it is a mirage. Investors are actually paying more today for a dollar than they did in June. This after a quarter that saw the market get obliterated.
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