What changed
SINCE 1995, THERE HAVE BEEN SIX CALENDAR YEARS WHERE THE S&P 500 GREW EARNINGS BY >20% (95, 03, 04, 10, 18, AND 21).
ALL BUT 2018 ENDED W/ DOUBLE DIGIT RETURNS. OF COURSE, THE FED WAS HIKING IN 18.
2026 EPS TRACKING FOR 23ISH% GROWTH.
IF THE FED ACTUALLY HIKES*, THE 2018 COMP STICKS OUT (EARLY YEAR CORRECTION/LATE-YEAR MINI BEAR).
*I DON'T EXPECT THE FED TO HIKE JUST REMOVE EASING BIAS. — VIA @WARRENPIES