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In this podcast, the speakers cover a range of interesting topics including economic conditions, the 2024 market outlook, earnings growth, the impact of interest rates on the wealth effect, absurd prices for orange juice, the relationship between interest rates and multiples for growth stocks, and the impact of buybacks on value stocks. They also share their thoughts on Fargo season and ask for opinions on True Detective.
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Quick takeaways
- The biggest S&P 500 companies are projected to have significantly higher net income and earnings growth in 2025, even with a 10% miss in expectations, highlighting their resilience and potential for growth.
- The correlation between interest rates and equity multiples still holds, although its impact varies among sectors and stocks, especially for growth stocks.
Deep dives
Earnings growth projections for the biggest companies
The biggest 20 companies in the S&P 500 are projected to have significantly higher net income dollars and earnings growth than in 2020. Any comparisons to pre-COVID years are deemed irrelevant. A 10% miss in 2025 earnings expectations would still yield 2 times the net income dollars in 2025 compared to 2020, and this doesn't even account for buybacks.
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AI-powered
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Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode