Forward earnings up 30% YoY while manufacturing PMI hits a four-year high. Market broke through the summer stall — new all-time highs on both price and total return.
Classic late-cycle setup. Strong earnings momentum meeting stretched valuations. We've been here before. The question isn't whether this rally is real — it's how long until the credit cycle reminds everyone that 30% earnings growth doesn't compound forever.
Enjoy it while it lasts. But don't confuse a liquidity-driven melt-up with sustainable fundamentals.
Classic late-cycle setup. Strong earnings momentum meeting stretched valuations. We've been here before. The question isn't whether this rally is real — it's how long until the credit cycle reminds everyone that 30% earnings growth doesn't compound forever.
Enjoy it while it lasts. But don't confuse a liquidity-driven melt-up with sustainable fundamentals.