Businesses in the US are actually doing well. If you get out of New York, if you go to Virginia Beach, if you go to Sacramento, if you go to Cleveland, they are Help Wanted signs everywhere. business are actually doing better at the base. And I think that's whats going on with the Stock Market more than anything else.
Is it surprising to me ? Yes
Do I think share prices overvalued ? Yes.
Are Price to Earnings multiples extended to the upside ? Yes.
What to buy ?
I am an old guy, I like simple things in infrastructure and economic growth. Get me steel, I want to own ball bearing manufacturers, cements, I want to own simple things.
We are still building houses, we are still building roads, bridges. We are still going to make things. We still need steel, ball bearings, cements. We shall for the next 500 years.