December 31, 2018: On Monday, markets closed out the year with gains. The S&P 500 was up 0.85% and Toronto was up 0.7%.
It was not a good year in the markets. Fear and predictions of lower earnings ahead came into the market and pushed “multiples” down. In most (but not all) cases earnings were up in 2018. But P/E multiples and price to book ratios came down significantly.