S&P 500 earnings are at all time highs. That helps justify part of the strength in equities, but it does not mean valuations are cheap. The key question now is how much future growth is already priced in. With Bitcoin, the disconnect is even larger. BTC has moved through several orders of magnitude while corporate earnings have grown much more gradually. Bitcoin still responds far more to liquidity, leverage, and risk appetite than to corporate fundamentals. Worth watching this divergence closely.
Joao WedsonShare
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