Andrew i want to talk about the nuance Here as we went to air you were talking About not Raging but being a raving bull you're Not a raving bull but you're in the Market how can you do that Well i mean all i'm trying to say is Look i mean let's keep it simple here Stocks are the present value of future Expectations And what i see is companies are blowing Out Expectations so i don't see how you Can't take a step back and say Wow you know something's going on Companies are saying things are better Than what wall street expects and i Think you have to respect that Uh in what the market's saying the charm Of your research Note is you've got the usual blather and Then you've got a killer paragraph of Data where you'll go oh He and morgan stanley did your homework You have the street with an 11 Miscalculation on earnings they just They missed it by 11 Put that in scope and scale what does it Mean forward Well you know i i that's why i've a hard Time saw Someone telling me well you know we Started the year with 167 Of earnings that was what wall street
Expected we're now at 185 I guess i'm just not smart enough to for To listen to someone who says That's it it's not going up i mean i Have a hard time believing that And the market is only up by the Magnitude of that earnings with So i don't think you can say the Market's gotten frothier than it was Earlier in the year no the market's just Repriced based on that miss And if we continue to move higher which I think it's always very dangerous to Draw that kind of the The line the same say this is it yeah Then i think the market will continue to Push higher the other thing that i think Is really important here is The dow jones industrial transport the Old Index that tells you how the market it's Gone up 13 weeks in a row That's you got to respect that something Is going on here That i think wall street is not Optimistic enough About the the what companies are saying
