Worshipping at the altar of future earnings growth has become challenging for investors in US stocks this year.
While profit growth in 2018 has been nothing short of spectacular, even the most faithful of Wall Street bulls has had to believe that the rate of increases must slow.
“Stock investing today is like a monotheistic religion,” says David Kelly, chief global strategist at JPMorgan Asset Management. “Investors seem to worship only one God, and that is ‘future earnings growth.’ The problem in 2018 is that while we have spectacular earnings now, prospects look much less positive for future earnings growth.”
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