30U.S. corporations repurchased more than $5.1 trillion of their stock since 2010 according to S&P Global.
This share buyback activity happened nowhere else in the world anywhere even close to the scale that we have seen in the U.S.
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With the S&P500 still trading at historically high valuations in face of economic weakness, corporate defaults & bankruptcies, discounted capital raisings, it’s likely the market requires a lower valuation range to consolidate within.
The table below helps link EPS ranges with where the S&P500 should be trading.
