Corporate Profits Falling, Public Debt Markets Rising = Disaster

FRED:CP   Corporate Profits After Tax (without IVA and CCAdj)
Corporate profits falling and stocks are rising. In fact, corporate profits have not risen since 2012! yet the stock market has soared.
This is what multiple expansion looks like. Paying more and more for less and less profits. This is the pure definition of a bubble.
Tulipmania again. Extraordinary Popular Delusions and the Madness of Crowds. Price is what you pay value is what you get. Buffet

Real Macro Economic Investing

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