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Comparing the Bull Market in Stocks

November 18th, 2009 Leave a comment Go to comments
Rally Comparison 1982 2009
P/E Multiple 8X 26X
Dividend Yields 6% below 2%
Book Value Discount to Book 2X Premium
Monetary Policy Reducing money growth and inflation rates Creating money growth and inflation rates
Fiscal Policy Aimed at reducing nondefense spending Aimed at accelerating nondefense spending
Deficits Peaking and coming down relative to GDP Surging to 10%+ relative to GDP
Global Trade Barriers Were being torn down Are being erected
Regulation Deregulation in vogue Re-regulation rising
US Dollar Plaza Accord bull market Mercantilist bear market
Household Credit Balance sheets and participation rates expanding Balance sheets now contracting
Tax rates Income, capital gains and dividend taxes declining Taxes Rising Now

Sources: Gluskin Sheff, S&P, Bloomberg

ritholtz.com

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