When do Today’s “Story Stocks” become Irrational Investments?
A record number of SP500 stocks are selling for 10X Sales. With that starting valuation, can they ever achieve the leap of earnings and margins required to earn a respectable long-term return?
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Where are Contrarian Investors Finding Great Businesses at Discounted Prices Today? China.

China has durable, world class, growing businesses being offered at single-digit multiples. Consider select opportunities at today’s levels, in expectation that regulatory issues will be resolved.
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Predicting is futile. Buy businesses that have proven resilient through the inevitable storms. Investors are now being reminded of the critical importance of business durability.
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