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The equity rally and herd immunity

04/13/2020

Michael Cembalest

After the equity rally, P/E multiples are back at around 16x 2021 consensus earnings; any advances from here are probably much less one-directional given what still lies ahead, even after $8 trillion in asset purchases, loan guarantees and direct lending from the Federal Reserve.  In Europe, the latest antibody tests show large numbers of unreported infections, which could signal an earlier increase of herd immunity than you might think.

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