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November 13, 2023


Earnings expectations for U.S. stocks are simply too optimistic

The S&P 500 index has risen 16% this year driven by 7 mega-caps stocks which are up 60%. The index is up 21% from its October lows and now trades on a P/E of 22x, which compares with a P/E ratio of 31x for the top 7mega-caps in the index.


Mini budget: a tough balancing act

The MTBPS (or mini-budget) essentially kicked the can down the road, giving way for tougher decisions to be made at next year’s February 2024 annual budget.