The correlation between the balance sheet and the stock market is clear, here expressed in terms of global #liquidity superimposed to the #S&P500.

Both the #ECB and the #FED have been injecting liquidity into the market which has resulted in the appreciation of #assets, rather than or only marginally in actual growth.

This is indeed the main argument against these “helicopter money” initiatives – that they result in #stock #buybacks rather than new investments aimed at growing the real economy.

How long can it last for ?

Something must be stirring at #Brystol-Myers Squibb $BMY considering the projected #earnings growth for the next year. This #value company had done very little over the past years compared to the stock market until this past half of 2019. Going forward it predicts a significant #EPS #growth which makes its #PEG ratio <1. Overall it looks very promising considering it is also a generous #dividend payer.

Notwithstanding the #tradewar both $DE and $CAT are up more than 15% over the last year but #Deere has outperformed #Caterpillar by 5% (including #dividends)

#ActiveInvesting #ResponsibleInvestor