Monday Macro – Dumb rail unions, what next for S&P 500, market heat maps

I’m afraid to say that we might have further to fall. My very simplistic model of S&P 500 multiples and earnings suggests that we might not bottom out until we hit 3250 for the US index

Photo by Chris Yang on Unsplash

I think we can all agree on one thing – we all desperately want to avoid a rerun of the 1970s and stagflation. I say we all agree but of course, you can always find some awkward actor who wants to reprise the full tragedy. Step forward the UK’s rail unions. I am not by any stretch anti-union and in fact have probably antag…