EXCERPT:
SCHIFFER: “Well, I think it’s interesting, Neil, when you consider the market relative to perhaps the Shiller index, which kind of looks at stock evaluations over decades and looks at relative value, there’s an argument for that, but certainly if you look through the prism of historic P/Es for these companies, there’s a counterargument that suggests that we’re not even at the frothiest for many of them. It’s certainly the economy is strong, it’s going to continue, it looks like, throughout the rest of the year and early parts of next year in terms of visibility, which bodes well for these companies. I think the only headwind would be the argument about Europe and whether or not Europe’s slowdown is going to be material to these companies. I don’t think it’s going to be impactful. So we could see an interesting situation where you could have many that cross the finish line, but within the next three years, even if there’s a market correction, at the trajectory of earnings that these are headed on, I expect that you will see if not four, perhaps three out of the four that are in the trillion-dollar market cap, which is a phenomenal accomplishment for these organizations.”