THE EMPLOYMENT DATA, WALL STREET AND THE TRADE WAR.

November 2019 P to E ratios vs rate of profit pdf (ARTICLE)

GRAPH Payrolls vs Aggregate Hours (spreadsheet)

Table 1.14 1996 up to Q3 2019 (spreadsheet)

HUSSMAN FUNDS DEC 2019 PDF (attachment)

Answers often raise additional questions. On reflection, the coincidental results when comparing the divergence of P/E ratios and the actual rate of profit to the divergences obtained by more superficial means, such as discounted cash flow, may have revealed a hitherto unknown connection. It may turn out that it is the actual underlying rate of profit that is shaping and giving definition to discounted cash flows. In other words a rising rate of profit will boost future discounted cash flows while a collapsed rate of profit will in turn collapse the cash flow. More research is warranted.