You can’t keep a good Goldman bull down:
How? Booming catch-up growth:
Driving booming EPS:
And booming margins:
So far, so good, in my view. But it starts to get more tricky when we come to valuation. The equity risk premium plays the key role. It’s a permanently high platuea!
Driven by Wall St’s much-loved equity risk premium:
In short, stocks can keep rising so long as there is no return of capitalism or inflation which means that policy risk is the key risk to the forecast.
Watch the macro!