Old vs. New Normal Valuation

(1) New Englanders can’t find much to buy. (2) A stock market for stock-pickers. (3) Will active managers beat the indexes for a while? (4) Analysts cut their short-term earnings growth outlook. (5) S&P 500 PEG ratio is highest since start of data in 1995. (6) Analysts remain too optimistic about longterm earnings growth, as usual. (7) PEGing the sectors: Growth is relatively cheap if you can find it. (8) CEOs & CFOs might drive P/Es higher still. (9) Valuation-led melt-up might be for profit-taking. (10) A slow, but long economic expansion would keep bull on his feet. (11) Looking soft again.