They absolutely do and they have been crushing it in that area of their biz. But people can’t handle a transition year of crap earnings growth in 2021 so they are having a hissy fit. IMO that is an opportunity for rest of us.
$CME traded for 22x earnings on Election Day last November. Now it's at 32x.
Inflation & rates sentiment is no joke.pic.twitter.com/3DlvJ1LPpL
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Don’t forget it is the underlying earnings that dictate a lot of that multiple. We are already seeing several of the sellside revising those numbers up. 32x is unlikely the correct valuation.
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When do we sell though? It has gone up nicely but I am getting itchy..
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