I’m pretty happy with the companies in my portfolio right now; most are hitting their stride, and the strong business performance is reflected in rising stock prices. Over the long run, stock prices will always track business fundamentals—this is as true as the law of gravity. And there are predominantly two forces driving stock prices: earnings per share (or free cash flow per share, if you prefer that metric) and multiples. Multiples are a bit trickier—they’re shaped by fundamentals but also by current investor sentiment. As I outlined in yesterday’s article, Why I’m Taking Profits in the St...
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