Year Behind, Year Ahead - Special 2023 White Paper
The Dividend Cafe
00:00
What's the Story of Multiple Contraction?
The S&P started the year at 4,778. It was trading almost at 23 times backward looking trading 12 PE ratio. 2022 saw the S&P down 20%. But it saw earnings growth up 5% on the year. The valuations came down even as the earnings went up. That was really one of those major stories of 2022. And then fifth is just that humiliation of cryptocurrency,. I think it ties into this issue of underlying stability.
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