Economic Old Age, Part 4: The Mother Of All High Water Marks

Caterpillar’s management committed an unpardonable sin during the company’s Q1 conference call. It was in the nature of admitting that beanstalks do not grow to the sky. As it happened, CAT had posted another “blow-out” quarter by the lights of the headline reading algos. The instant this “beat” crossed the tape, CAT’s already hideously over-valued shares jumped by another 2%—only […]
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