Good morning. Interesting line, but I hope that this does not imply that stocks should be trading at a PE of 60…?

http://www.ritholtz.com/blog/2015/05/inflation-vs-pe-model-1965-to-present/

Cool chart on the importance of buybacks for the US market

http://uk.businessinsider.com/how-much-buybacks-boosting-earnings-per-share-2015-5

On the importance of good inflation estimates to assess monetary policy…

http://blogs.ft.com/gavyndavies/2015/05/25/technology-inflation-and-the-federal-reserve/

How much higher can Chinese stocks go?

http://www.economist.com/blogs/freeexchange/2015/05/chinas-stockmarket

Emerging markets, the short version

http://uk.businessinsider.com/worlds-big-emerging-markets-2015-5

Some comments on the decision to frontload the bond acquisitions by the ECB

http://ftalphaville.ft.com/2015/05/26/2130350/of-mangled-markets-and-chatham-house-rules/

And even more on low productivity…

http://www.ft.com/intl/cms/s/2/cc8e68bc-ffc1-11e4-8c46-00144feabdc0.html#axzz3bFPWLrtt

A golden oldie: the misery index

http://qz.com/412366/rejoice-americas-misery-index-has-hit-a-59-year-low

Who is the biggest employee with respect to renewable energy?

http://www.vox.com/2015/5/24/8646891/renewable-energy-jobs

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