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“When there is a quantum shift in growth expectations, the arithmetic of P-E multiples fails to capture the value in stocks,” argues Don Luskin, chief investment officer at TrendMacro. “Why look at this quarter’s earnings, or for that matter why just look one year ahead, to appraise what a company might earn? If America is really going to be great again, stock prices should look to above-trend earnings growth that could last for several years. That will make stocks appear expensive, but they’re really not.”