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Macro Nugget: Earnings and market cap going hand in hand

Fiscal expansion, QE and ZIRP the mother of all stimuli for US large cap?

Yesterday we honed in on the market concentration of SPX and how fewer and fewer companies are carrying the index. Thoughts naturally turn to the dot-com bubble which had similar concentration, but this time around a key difference is that large caps are seeing their earnings inflate along with their market capitalization as opposed to the early 2000s. 


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