Lesson Learned in 2018

(1) A show of hands in Charlotte. (2) Bull-Bear Ratio so low it’s bullish. (3) Are the bears satisfied, or do they want more? (4) 1987: Déjà vu all over again. (5) No recession in the wings. (6) Volatility confirms that stocks should be held for the long run rather than traded in the short run. (7) Earnings growth this year weighed down by unbeatable earnings growth last year. (8) Industry analysts lowering their earnings growth rates for this year, though revenues growth expectations firming. (9) Profit margins have peaked. (10) Valuation multiples are cheap. (11) Movie: “On the Basis of Sex” (+ +).