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David Orr

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Aug 17 • 2 tweets • 2 min read

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David Orr

@orrdavid

Aug 15

(1/2) "There is a reason that stocks go up. This is a very magic number, easy to remember. Coke is earning 30 times a share what they did 32 years ago. The stock has gone up 30 fold."

(2/2) S&P 500 earnings doubled since 2015 and the S&P 500 itself doubled. That's in large part from the '17 corporate tax cut and inflation, but still, earnings did go up.

Is this really an epic market bubble? I'm not talking about bubble sectors, of course.

(3/2) Of course, earnings might go down. The strongest argument is that consumer credit is growing right now, propping up these earnings. Or that globalism is reversing from here. But are those arguments *that* strong? Honestly?

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