Via the AFR:
The annual reporting season has been a highly successful one for the market’s most expensive stocks, which are being elevated to even higher multiples on results that are just OK.
Goldman Sachs equity strategist Matthew Ross finds that with 37 per cent of the market having reported, most of the “premium” rated names have experienced further multiple expansion. That means the broker’s long-short quality factor is now up 20 per cent year-to-date, advancing 3.6 per cent last week.
