April 2024 “First Friday” Market Outlook – What is the Market Missing?

April “First Friday” Topics:

The tailwinds leading to the stock market’s stellar appreciation over the last 25 years have changed.

The stock market is overvalued and priced for perfection.

Is perfection likely? Is perfection possible?

Can earnings continue to grow at 15%+ per year over the next 20 years? (history says 4%/year growth is likely)

If earnings don’t grow at 15%+, what will happen to the stock market? (3 outcomes most likely)

The Elephant in the room – U.S. Debt / U.S. Deficit.

What keeps us up at night?

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