The Time Time Didn’t Stand Still, Part 1

From the antics of the robo-machines and day traders you would think the economic gods have ordered time to stand still–or at least the cyclical variant of it. Within days we will be in the longest business expansion in American history—meaning that the calendar itself has become a huge risk factor.

Yet the machines pay no heed and keep buying the dip. So doing, they are paying a top-tick PE multiple at 21.5X the LTM reported earnings of the S&P 500 at the tippy-top of the business cycle, implying that there is no end in sight to the octogenarian expansion underway.