Earnings are rising. Prices stopped. That is multiple compression in real time.
The MSCI All-Country World Index has drifted sideways since mid-August while forward EPS kept climbing to new highs. Stocks are getting cheaper without falling, just by standing still as the E grows.… pic.twitter.com/2PgtCP3X57
— Kurt S. Altrichter, CRPS® (@kurtsaltrichter) October 13, 2026
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