...you have to be an eternal optimist to believe that earnings...

...you have to be an eternal optimist to believe that earnings can continue to grow well under this condition.
...the moat stocks perhaps but they're too super overvalued.

...when the rising tide does not lift all boats, as has been the case for awhile now with the S&P500 and Nasdaq making new all-time highs largely due to the top few mega techs, it does not matter where these indices go, it has not and will not translate into higher stock prices for a majority of stocks, BUT it can only translate into much more lower prices ahead for these majority of stocks WHEN these market indices correct notably, which is most likely not too far ahead.

...YET market participants cannot resist to toe-dip to BTFD, and getting themselves burnt in the process. Best to Stay Out of Harm's Way, isn't it better not losing than missing out winning?
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US household expectations about real income growth over the next 1-2 years have dropped to their lowest in 10 years. This is the steepest decline in at least 6 decades, even steeper than during the 2008 Financial Crisis.

In the past, such low income expectations have only happened in 1980, 2008, and early 2010s.

Meanwhile, US consumers' assessment of their overall financial situation has been the worst since 2022. Households are feeling the pain of inflation and high interest rates.

https://x.com/KobeissiLetter/status/1803817579821093213

Also, Net savings of Americans as % of gross national income WERE NEGATIVE in entire of 2023! There were only two times when the net savings share of gross national income was negative: 1) Great Financial Crisis 2) COVID crisis

What's happening?

https://x.com/GlobalMktObserv/status/1803818866654482815