The MacroTourist

The MacroTourist

Share this post

The MacroTourist
The MacroTourist
WHY THE RALLY?
Copy link
Facebook
Email
Notes
More

WHY THE RALLY?

The 'tourist uses his simple P/E pricing model to explain recent action

Kevin Muir's avatar
Kevin Muir
Jan 26, 2023
∙ Paid
34

Share this post

The MacroTourist
The MacroTourist
WHY THE RALLY?
Copy link
Facebook
Email
Notes
More
16
Share

Stocks often climb a wall of worry, but January’s rally has felt more like free soloing El Capitan. It’s easy to forget, but late last year, almost no one believed the Fed could engineer a soft landing. A recession seemed like a foregone conclusion. Many market participants were busy debating how much of an earnings decline was priced in, with the conse…

This post is for paid subscribers

Already a paid subscriber? Sign in
© 2025 Kevin Muir
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share

Copy link
Facebook
Email
Notes
More