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This morning’s key economic report was retail, and it was a bit of a whiplash for futures. The core retail month over month figure was expected to be +0.2% but was instead -0.1%. They also had to update the prior month’s figure lower since it was, ya know, totally made up out of whole cloth.
Oh, my Lord. Look at BIG LOTS! Just a catastrophe.
I’m not going to grab this red-hot skillet handle, but for the bolder among you, Costco (COST) has a P/E of 55 (remember, this isn’t a biotech company — they sell industrial-sized jars of mayonnaise) and, looking at the lifetime chart, seems, ummm, richly-valued.
If there’s one thing you can count on from ‘Mericuh, it’s the endless consumption of stuff. That is playing out beautifully, decade after decade, by way of the big box retailers. There was a time when a company selling gallon jugs of mayonnaise and 1000-packs of Ibuprofen would have merited a P/E ratio of 5, instead of 51, but these are not normal times. Lifetime highs, everywhere you look:
