In the new normal, where bad news is good news, stagnation is growth, and depression is a buying opportunity, it should be no surprise that the so-called "safety stocks" of the Consumer Staples sector have never been more risky. At a P/E valuation of 22x, food, beverage, and tobacco companies have never been more expensive.
But, "safety stocks" are not the most expensive stocks in the US equity market…
more than doubled in the last month!!
Yes – you read that correctly – The S&P 500 Energy Sector currently trades at 101.5x analysts' expectations of next 12 months earnings.
via http://ift.tt/1SRuy1W Tyler Durden