Commentary

Quarterly commentary by Alpine Private Capital

Latest Commentary

The Bubble in the Crash

 

Today’s market has required us to navigate a narrow strait between dangerously high equity prices and Great Lockdown capital impairments. We believe valuation risk is near all-time highs with the S&P 500 selling at 33.2x cyclically adjusted as reported earnings. In the meantime, our flagship Equity Quality Return (EQR) strategy is selling at 8.8x our estimate of cyclically adjusted earnings and capable of withstanding a severe recession.

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