Bill (Bill Mann)
speaker
117 appearances
1 recordings
1 series
first heard Sep 2014
last heard Sep 2014
Bill (Bill Mann)’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yeah.
I'd say that the biggest thing to keep in mind when you're talking about the U.S.
stock market is that most of the gains – and not all of them because I don't think it's valid to say, well, the P.E.
ratio of the S&P 500 is X because a lot of companies within the S&P 500 –
particularly a lot of the financials on an accounting basis are losing money, they may not be made, you know, they may not be losing money on a real basis, but on an accounting basis, they are.
But it is still important to note that a lot of the gains have been began been because of margin expansion, or excuse me, multiple expansion, as opposed to actual growth in, you know, in in earnings for the companies.
So it's that doesn't necessarily mean that the market is wrong.
It is anticipating and the market is a very, very efficient anticipating machine.
So it is forecasting more earnings growth from the from American companies than it had in, you know, in a long time.
Right.
I still think that financials are kind of hated.
I mean, every time you turn on the news, one of the big banks has had some multi-billion dollar fine or
But you know who's not getting fined is the smaller banks.
And when you...
When the average investor who's investing thematically says, I want in or out, they don't necessarily say, I want out of the big financials, but into the little ones.
They just say, get me out of financials.
And so I would say that if you are an enterprising investor, which I desperately hope that many Motley Fool, many of our listeners are, that you start to look at some of the small banks.
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