Multiple Contraction Is Not Usually Something that Happens in Bull Markets… 89% Of Assets Yielded Negative Dollar Returns YTD

Never Happened Before—-89% Of Assets Yielded Negative Dollar Returns YTD

We’re in one of the longest economic expansion cycles in history and nobody’s happy. It’s mind blowing. You’d think 2018 would have people dancing in the streets. 3.7% unemployment, record stock market prices. Well the ladder until recently that is.

So let me rephrase: What happens if you have record buybacks, record dividends, and record earnings but 89% of assets yield a negative return in US dollar terms? No really that’s just what happened:

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