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dow jones
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<blockquote data-quote="Up In Smoke" data-source="post: 5314434" data-attributes="member: 79702"><p>Capital was cheap for more than a decade and companies just refinanced their debt over and over and over. The free money train has been stopped and it's time for these over leveraged companies to get their balance sheets in order. The average S&P price to earnings multiple has always been around 15. Over the last 6 years that multiple grew to over 23 times forward earnings and the companies were over valued against historical levels. Prices had to come down and companies have to clean up their cash flow issues. 2022 is a rebalancing and positive cash flow year.</p></blockquote><p></p>
[QUOTE="Up In Smoke, post: 5314434, member: 79702"] Capital was cheap for more than a decade and companies just refinanced their debt over and over and over. The free money train has been stopped and it's time for these over leveraged companies to get their balance sheets in order. The average S&P price to earnings multiple has always been around 15. Over the last 6 years that multiple grew to over 23 times forward earnings and the companies were over valued against historical levels. Prices had to come down and companies have to clean up their cash flow issues. 2022 is a rebalancing and positive cash flow year. [/QUOTE]
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