This bull market started slowly in terms of earnings, but boy have they caught up. Based on current estimates, earnings will likely continue to play a large role in shaping this cycle.

This bull market started slowly in terms of earnings, but boy have they caught up. Based on current estimates, earnings will likely continue to play a large role in shaping this cycle. And those earnings are supported by margin expansion, which are a powerful driver for valuation. While the S&P 500 index is in the upper reaches of its valuation band, the 22x forward P/E ratio is supported by both margins and credit spreads. — via @TimmerFidelity

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