MAMU & MAMA

Check out the accompanying pdf and chart collection. Executive Summary: Is all the AI euphoria leading the stock market into another “MAMU”—“Mother of All Meltups”? If so, our 4600 target for the S&P 500 by year-end might prove conservative, not controversial. This bull market began differently than most, with higher P/Es at the outset, and this MAMU’s timing would be different, early in the bull market versus late. … Lifting the economy has been “MAMA”—“Make America Manufacture Again.” Manufacturing capacity—flat since 2011—is about to expand given all the factory building implied by the 150% two-year surge in nonresidential construction of factories. Also: The job market refuses to land, but wage inflation is coasting lower. … Dr. Ed reviews “After Waco” (+ + +).