The incredible backdrop to the global stock-market rally — profits are flat since 2008-To The Moon - Tiger Brokers Online Investing Community

The incredible backdrop to the global stock-market rally — profits are flat since 2008

MarketWatch2021-01-22

As the debate between the discrepancy between the stock market and the real economy continues to play out with U.S. stocks at record highs, one chart really drives home the difference. It’s a chart ...

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Alicesachiew
·2021-01-25
Emm..
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Jinwenjwen
·2021-01-23
Good
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Phoebella
·2021-01-23
Hmm
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- 社区成长助手:
  终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引
  2021-01-23
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Nisnivlek
·2021-01-23
@onyzstar[得意]
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yellowtigger
·2021-01-22
Bleh
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EPS here is measured on a forward 12-month basis, and analysts are assuming a nearly full recovery from the COVID-19 pandemic.\n\nThe chart shows global earnings per share flat from 2008 levels. Put in a different way — not only are stocks divorced from the performance of the economy, they are even divorced from the profits of the companies they seemingly represent.\n“This remarkable observation leads to a salutary conclusion. The global stock market has nearly doubled since 2008 because the multiple paid for unchanged profits has nearly doubled,” said Dhaval Joshi, chief European investment strategist at BCA Research.\nThe reason the multiple has surged is because the global bond yield has collapsed, making the relative valuation for equities stronger. Joshi took a simple average of the U.S. 10-year TreasuryTMUBMUSD10Y,1.109%,the bedrock of global markets, and, as a proxy for more risky countries, the Italian 10-year TreasuryTMBMKIT-10Y,0.695%.\nHe said the global rally can continue until the yield on the U.S. and Italian 10-year reach zero. On Thursday, the U.S. 10-year yielded 1.09% and the Italian 10-year yielded 0.62%.\n\nWhile profits globally are flat, that isn’t the case on a sector and country basis. Buoyed by the technology sector, U.S. profits have climbed 55% and South Korean profits have gained 25%. Denmark, reliant on health, has seen profits grow by 40%. By contrast, Spain, Italy and Austria have seen profits drop by 45% to 55% due to their exposure to banks.\n“One important message for long-term investors is that when a sector’s profits go into structural decline, it is terminal. It is almost unheard of for these sectors to return to structural growth. Furthermore, the support to the sector price from falling bond yields is not enough to offset the weight of collapsing profits. In any case, bond yields cannot fall forever,” said Joshi.\nBoth the S&P 500 and Nasdaq Composite ended on records on Wednesday, and the Nikkei 225 closed at a 30-year high in Tokyo.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":319314264,"gmtCreate":1611535505058,"gmtModify":1704860499329,"author":{"id":"3573970009022996","authorId":"3573970009022996","name":"Alicesachiew","avatar":"https://static.tigerbbs.com/abadb3c26eff6ca59967a18ed825187e","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3573970009022996","idStr":"3573970009022996"},"htmlText":"Emm..&nbsp;","listText":"Emm..&nbsp;","text":"Emm..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/319314264","repostId":1101623367,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":319019666,"gmtCreate":1611407675355,"gmtModify":1704860227879,"author":{"id":"3556863642126728","authorId":"3556863642126728","name":"Jinwenjwen","avatar":"https://static.tigerbbs.com/45688b01b227b7f725e947c69e373d11","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3556863642126728","idStr":"3556863642126728"},"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/319019666","repostId":1101623367,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":319006594,"gmtCreate":1611395119118,"gmtModify":1704860192029,"author":{"id":"3559192645447375","authorId":"3559192645447375","name":"Phoebella","avatar":"https://static.tigerbbs.com/c39afad3d430848c955620f39285f7b8","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":3,"crmLevelSwitch":1,"authorIdStr":"3559192645447375","idStr":"3559192645447375"},"htmlText":"Hmm","listText":"Hmm","text":"Hmm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/319006594","repostId":1101623367,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3376215,"gmtCreate":1611395209549,"gmtModify":1680773977322,"authorId":3527667803686145,"author":{"id":3527667803686145,"idStr":"3527667803686145","authorId":3527667803686145,"name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":319006594,"type":1,"supId":0,"prevId":0,"content":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看<a href=\"https://laohu8.com/TW/934879903\">老虎社区创作指引</a>","text":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看<a href=\"https://laohu8.com/TW/934879903\">老虎社区创作指引</a>","html":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看<a href=\"https://laohu8.com/TW/934879903\">老虎社区创作指引</a>"}],"langContent":"EN"},{"id":310796710,"gmtCreate":1611367292530,"gmtModify":1704860073482,"author":{"id":"3571992769878529","authorId":"3571992769878529","name":"Nisnivlek","avatar":"https://static.tigerbbs.com/da7e63ae933a3a94693af3ca8b29c972","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3571992769878529","idStr":"3571992769878529"},"htmlText":"<a href=\"https://laohu8.com/U/3572323840849086\">@onyzstar</a>[得意]&nbsp;","listText":"<a href=\"https://laohu8.com/U/3572323840849086\">@onyzstar</a>[得意]&nbsp;","text":"@onyzstar[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/310796710","repostId":1101623367,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":310897958,"gmtCreate":1611300869574,"gmtModify":1704859404198,"author":{"id":"3565581100857882","authorId":"3565581100857882","name":"yellowtigger","avatar":"https://static.tigerbbs.com/4d6c10f946de824baf1329eb7dde4882","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3565581100857882","idStr":"3565581100857882"},"htmlText":"Bleh","listText":"Bleh","text":"Bleh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/310897958","repostId":1101623367,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":24,"commentSize":5,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}