Is the P/e multiple for the US market in parochial terms and for the global market in catholic terms high? Yes… obviously and rather shockingly so! But can this trend continue to move “from the lower left to the upper right” despite our antipathy toward it? The fact of the matter is, “Yes, it can and seemingly it is and shall.” Fighting this trend has been a mug’s game of the worst sort, making all of us who’ve seemed to be wisely short at the proper time look, in the end once again, to be manifestly foolish.
The trend remains upwards...... We’ve no choice. We have to dance with TINA… There Is No Alternative…until the music stops even though we do not like the music and we do not like the band.