"Priced for perfection" would seem an understatement after one glance at the astounding hockey-stick in margin-expansion expectations 'priced-into' the top 1500 US equities. One can't help but wonder, with a stagnating macro-economy and tapering Fed, just how bad the labor force participation rate will become as costs are cut to the bone marrow to enable this margin miracle to come true... and imagine what happens if the summer is hot and winter cold once again?!
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Source: Morgan Stanley