SPSM - Valuations To The Rescue?
Equities have wobbled a bit at the start of the month, but unless they lose the plot in coming weeks, it is fair to say that Q1 will be everything that Q4 wasn’t - decent and calm. Indeed, the finer details reveal an even more striking dichotomy with the calamity that culminated in the rout at the end of last year. Between June - when the P/E multiple peaked at just under 21 - and the low for the S&P 500 in the final weak of December, EPS rose by 13%, but the index fell