The Equation is Totally Transparent
The administration sends money to the speculators through favorable tax plays along with mind blowing deficits and the FED reduces interest rates whenever it looks like there is a problem.
This is a setup for price earnings multiples that defy reality.
The bottom line however is that the Central Banks around the world are finding out that negative rates don’t really work and our FED is seeming to understand that a FED Funds rate under 1.5 % is not an answer either.
It would appear that patience to allow this all to unravel is the most important factor.