In the link above you can see how disconnected Wall St is from Main St , below is how Australia looks like (as provided by AFR) and you begin to understand why we have been underperforming relative to other bourses.
The prospective price-to-earnings multiple for industrial stocks is trading at 19.3 times, the highest since 1960 according to Macquarie.
Even that chunky multiple looks tame compared to the 23.7 times industrials trade at once banks, insurers and real estate investment trusts (REITs) are excluded.
Macquarie expects earnings per share (EPS) growth for industrials (excluding banks and REITs) in the 2020 financial year of 0.6 per cent. That meagre offering comes after forecasts tracked down from 1.5 per cent in November and 10.2 per cent last January, according to the broker.
