Собирался написать про будущее охлаждение EPS, но меня опередил Майк (Mike Wilson, US Equity Strategist from Morgan Stanley). Спасибо ему за это.
...it appears that companies are over-earning as government subsidies have provided a huge windfall in operating leverage and profits. Normally the market would discount such earnings with a lower multiple and while that has happened for many sectors and individual stocks it has yet to happen at the index level. Until money stops flowing into equities from retail and other asset owners deciding there is no other alternative, the index level multiple and price may remain elevated. Timing is everything as they say and while our timing on the P/E compression call has yet to play out, that doesn't mean it's not going to happen.