“When the Fed was back-stopping everything,
people were willing to pay a little more for earnings,”
Now, the question has become:
“Why would you pay more for the same exact thing you got last year?”
http://www.marketwatch.com/story/earnings-take-a-dark-turn-as-profit-warnings-sales-misses-mount-2016-01-27
Really, why would anyone pay relatively more
for less?
