Upside to market downside: less frothy P-Es

"The current very strong relative attractiveness of stocks versus bonds puts a safety net under how far equities can fall," says Donald Luskin, chief investment officer at TrendMacro. "There's a natural hedge here. More panic in China should drive long-term bond yields lower as a safe-haven play, and that would make stocks look even more attractive on a relative basis."

Friday, January 15, 2016
USA Today