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To the extent that the SP500 multiple is a problem it is the same problem we've had for a few years

I think most of the returns in 2019 are due to PE expansion, especially if you view it from Dec 18 sell-off, factoring the earnings growth. In other words, the performance hit taken at the end of 2018, reversed and further multiple expansion resulted in outsized gains for 2019.

It is true for most of my big winners whether it is AAPL, MA, or BRX completely different sectors. IF PE were to remain constant the share price growth should mirror earnings growth, but many of these names experienced over 50% share price appreciation, clearly they are aided by not only earnings growth, but significant multiple expansion too.
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