Fundamentals Better Get Better (Fast)

While we have commented previously on the impact that dismal earnings-growth relative to magnificent multiple-expansion has had on the rise in nominal prices for US equities; the following two charts, perhaps better than any others, should leave more than a few investors asking "are stocks cheap?"  



 


The last 2 years have seen the largest increase in forward-P/Es since the dot-com bubble (and that ended well).



 


Charts: Barclays

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