Morning Briefing 2020-04-30

(1) Obsessing over the P/E. (2) Pricing stocks for normal earnings and abnormally low interest rates. (3) Don’t fight the Fed, especially when it teams up with the Treasury. (4) A trillion here, a trillion there adding up to serious money. (5) Twilight Zone: Falling S&P 500 forward earnings boosting P/E. (6) Three US companies talk about China’s recovery. (7) PPG reporting paint sales improving in China. (8) Starbucks brewing more coffee again in China, and soon in US. (9) CAT is open for business in China. (10) Fortnite hosting crossover events.