As stock markets continue to soar into 2018, just how high can markets go? Double Down talks to Karl Denninger of Market-Ticker.org about what's driving prices higher. Investors are pricing in forward earnings on Amazon that will see them double in the new year, if stock prices are to be believed. Do the tax cuts justify the high prices? Definitely not for the multinationals, some of which, like Apple, are now effectively going to be double charged on the debts they incurred in order to return overseas funds to investors but will now have to pay interest and tax on these funds. For small and medium sized enterprises, however, indeed, there could be a boost… but enough to warrant market euphoria? Probably not.
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