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6min chapter
James Montier Explains Why Corporate Profits Keep Going Up
Odd Lots
The Importance of Fiscal Deficit in the US
The U.S. fiscal deficit exploded to levels that frankly we hadn't ever seen before, which are now dwarfed by what we experienced in COVID. And it's kind of hangover, if you like, that really had me thinking, it's got to come down. We didn't see the big contraction in the deficit as many people expected. 2012 was obviously a great time in retrospect to buy stocks. If you just bought the sort of broad stock market in US in 2012 and held to today, you would have done quite well. The most important factor turned out to be valuation rather than profits.
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