The Melt Up Is Getting Fundamental

While equities sit at record highs, the rally is increasingly supported by unprecedented earnings revisions, strong corporate guidance, and expanding liquidity.

Key Takeaways

• 1.The record-high equity market is being driven by fundamental earnings upgrades rather than just sentiment.
• 2.S&P 500 earnings are projected to grow by 23% this year, a rate typically only seen after recessions.
• 3.Corporate guidance and the revisions ratio are at historical highs (94th percentile), suggesting strong underlying momentum.

Table of Contents

• The melt-up is getting fundamental
• Up and up
• Guidance raised
• Profitability shock
• Highest ever
• A double
• Another thing going vertical - dividends
• M&A
• Follow the money

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