Big upside surprise, ironically, is the market, itself, as it flows on like “Ol’ Man River.” Everyone's music sheet forecasting the market boils down to a few variables: Earnings, interest rates, operating profit margin leverage and finally the present level of the S&P 500 Index.
from Forbes Real Time http://www.forbes.com/sites/martinsosnoff/2017/07/18/is-eighteen-the-right-earnings-multiplier/
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