Buffett’s Rules & Ratios

(1) On the cheap side. (2) Buffett betting on and against Trump. (3) The Oracle sees diluted tax reform and no BAT. (4) The President’s speech. (5) Guns and butter? (6) Buffett Ratio suggests stocks aren’t so cheap. (7) Forward P/E and P/S ratios are also awfully high, unless Trump delivers earnings-boosting corporate tax cuts. (8) A protectionist-triggered recession is possible, but not likely. (9) More likely is that the economy will run very hot, or not so hot. (10) Dallas Fed survey shows regional energy recession is over. (11) Animal spirits roaming throughout the land.