Mike Arone’s Uncommon sense

Hi,

Attached is Mike Arone’s latest Uncommon Sense, which discusses the likelihood of rising corporate taxes in the US.  Over the past 5 years, all the margin improvement in the S&P500 is attributable to lower taxes, which has undoubtedly provided a boost to earnings and prices.  These trends will be important to watch and is part of our rationale for peak margins in the US.

Thanks,

John

 

John R. Ingram CFA

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