- The bases of comparison we once used are no longer valid in my view. What was cheap in the summer of 2021 can be expensive today, when compared to alternatives.
- The yield on the 10-year has climbed, which inverts the TINA trade, and massively reduces the present value of future cash flows from stocks.
- Before I buy, yields will need to fall, valuation will need to fall, or dividends will need to skyrocket. Some of these are likely, some not.
- Oh, and the recent financial performance was disappointing again.
For further details see:
Continue To Avoid Trinity Industries Inc.