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The most recent high for the Standard & Poor’s 500 has been accompanied by a big tick higher in the trailing 12-month P/E ratio which will definitely be needed in 2010 for the rally to continue.
David Tepper is not a household name, but wait for 2010 and he will be. Tepper, who runs hedge fund Appaloosa Management will personally not only make over $2 billion, is also estimated to return over 120% after fees in 2009 and. The made a bold bet that the US economy would thwart depression and rebound sharply in 2009 which proved to be right
Even as the financial crisis appears long behind, one must still keep an eye on the bigger picture. Not much has changed in the structure of the global economy leading the risks remain largely the same. Lets Take a moment and ponder on who should be vary off --- analysts, the word ‘stimulus’, China, the bond market and all our banks.
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