Strip out delta and gulf and the market is at 11-12x trailing earnings.

I still think the market “mini-crash” is done. STARK overhang is done, political overhang to be over this month as the government gets formed. The negative YoY comps will begin to reside and look positive again in 2H23. Fun times ahead.

  1. peter satrapa-binder

    yes, i also do hope that we have already reached the bottom. exports do look a little bit weak, though. but 11-12 average for PER is good.

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