well thats a different matter, seemed to me you were saying...

well thats a different matter, seemed to me you were saying companies are not making any more money than a year ago.
one thing that is undeniable in the bull market the last 3 years in Australia is that it is a story of rising profits. share prices have obviously risen strongly so if profits were not rising the p/e's would have expanded significantly like they did in the latter stages of the u.s. bull market of the 90's. as it happens the p/e's have barely risen at all in australia's bull market the last 3 years, that has to tell you that whilst things maybe arguably a bit expensive, there is no irrational exuberance out there. profits are real and undeniable. one reasing we are getting tax cuts, so many company taxes paid to the govt the last few years.