ETFs
FEATURED
A Market Ahead of Its Economy
Today's market does not represent today's economy. The ratio of market value dependent on future economic activity versus present activity has never been higher. These companies have earnings now, but those earnings stem from investments in the future, not present consumption. This is the most future-weighted market in history. Even at the height of the dot-com bubble, valuations were at least aspirationally tied to virtual businesses participating in the real economy. Today, valuations are tied to an economy that does not yet exist.
