Since 1946, the Federal Reserve has initiated 13 rate-cutting cycles. Yet not all investors were convinced early on that lower interest rates would help overcome their investment woes. That's because the S&P 500 rose in only eight of these 13-month periods...
- The Seven Rules of Wall Street, Sam Stovall (2009)
All industries are overvalued in the [utility] sector. Power producers/energy traders are the less overpriced and the only one significantly above the historical baseline in profitability. Other industries are close to their profitability baseline, but much more overpriced combining two valuation ratios