The (https://www.cnbc.com/2026/07/10/the-stock-market-looks-pretty-cheap-based-on-future-earnings-expectations-dont-be-fooled.html) gets worse when you look at *which companies* are supposed to deliver. My industrials — $GE posting 19% net margins and $HON at 12.9% — are already running near peak efficiency. The S&P isn't trading at 21x forward because tech will explode; it's trading there because consensus assumes mid-single-digit earnings growth across the board.

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