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Comments

Nick

I was interested to read the other day that this last 5 year bull run is the only one since 1945 where PE ratios have actually contracted. Any thoughts?

timprice

It has been said that the market never capitalizes 'peak earnings' - in other words, that low p/e's are the norm as earnings reach cyclical highs. My own view is that there are pockets of value in the market but that there is tremendous momentum-driven buying which is not sustainable; also, that there is tremendous complacency out there in the face of weakening real estate markets globally.

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