Amazing S&P 500 net profit margins: 12% overall and 24% at tech.
By: David Bianco
A longer Covid-19 tunnel: prefer bond substitutes over recovery stocks
Equity valuations: many metrics succumb, but earnings yield spreads survive
Bidenomics: Spend now, tax later…until the bond market objects
S&P 500 earnings could exceed their 2019 levels as early as 2021. This partly reflects the index's sector composition, which is significantly more favorable than that of European indices.
2021 outlook: no easy choices, diversify
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