Peace Prize

(1) Putin: A man of peace. (2) All quiet on the stock market front. (3) Geopolitical flare-ups tend to be buying opportunities. (4) Forward P/Es at bull-market highs. (5) Forward earnings stagnating for S&P 500, but still rising for US MSCI. (6) Ex-US, global earnings continue to flat-line. (7) Europe’s recovery is too weak to boost earnings estimates. (8) China staying with 7.5% growth. (9) Pollution is China’s “red-light warning.”