(1) A cast of 19 in the Fed’s opera. (2) They love to sing. (3) Writing the script during the live performance. (4) Dudley and Fisher agree on something. (5) Searching for a clear message. (6) Rising noise-to-signal ratio tends to depress P/Es. (7) Remarkably strong signal in forward earnings. (8) Shares are down for the count, so earnings are up per share. (9) Divisors as proxies. (10) Corporate cash flow still driving the bull.
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