The richest one percent of this country owns half our country's wealth, five trillion dollars. One third of that comes from hard work, two thirds comes from inheritance, interest on interest accumulating to widows and idiot sons and what I do, stock and real estate speculation. It's bullshit. You got ninety percent of the American public out there with little or no net worth. I create nothing. I own.
Thursday, December 12, 2013
S&P 500′s year-to-date return broken down by actual EPS growth and multiple expansion
Of course, EPS growth is what the actual earnings growth has generated while multiple expansion represents what buyers are willing to pay for this stream of earnings. As sentiment has soared investors have become increasingly willing to pay for a reduced share of EPS growth.