Economic Old Age, Part 4: The Mother Of All High Water Marks
Caterpillar’s management committed an unpardonable sin during the company’s Q1 conference call. It was in the nature of admitting that beanstalks do not grow to the sky. As it happened, CAT had posted another “blow-out” quarter by the lights of the head line reading algos. The instant this “beat” crossed the tape, CAT’s already hideously over-valued shares instantly jumped […]
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