Peak Earnings Sense & Nonsense

(1) Has the market discounted “peak earnings?” (2) An important distinction between growth and level of earnings. (3) Forward earnings continue to make record highs. (4) Earnings giveth, while P/Es taketh away. (5) The earnings trend is our friend. (6) 2019 earnings at $166 per share a solid bet ... now go figure year-end 2018 P/E to get S&P 500 price target. (7) Comparing dividend yield and interest rates to time recessions and bear markets doesn’t work very well. (8) The second-longest expansion could be the longest next July. (9) Watching out for the next financial crisis and recession.