You are on page 1of 1

!$'!

&'$%"

$$'!&'$$"

!)'!&'$$"

!('!&'$$"

!#'!&'$$"

!&'!&'$$"

!$'!&'$$"

$$'!&'$!"

!)'!&'$!"

!('!&'$!"

!#'!&'$!"

!&'!&'$!"

!$'!&'$!"

$$'!&'!)"

!)'!&'!)"

!('!&'!)"

!#'!&'!)"

!&'!&'!)"

!$'!&'!)"

$$'!&'!+"

!)'!&'!+"

!('!&'!+"

!#'!&'!+"

!&'!&'!+"

!$'!&'!+"

$$'!&'!("

!)'!&'!("

!('!&'!("

!#'!&'!("

!&'!&'!("

!$'!&'!("

$$'!&'!*"

!)'!&'!*"

!('!&'!*"

!#'!&'!*"

!&'!&'!*"

!$'!&'!*"

$$'!&'!#"

!)'!&'!#"

!('!&'!#"

&!!!!"

!#'!&'!#"

!&'!&'!#"

!$'!&'!#"

!"#$%&'()*$+,'$#-"$.&/$0123$4&5-26$

&#!!!"

First red flag


margins jumped
by 10 times in
early 2006
Increase in
margins, both
accompanied by
higher PE ratios
in the market

%#!!!"

%!!!!"

$#!!!"
,-."/01234"561".7-"809":;<=">0?7<@"

$!!!!"

#!!!"

Lowest
margin since
2009 crash

!"

You might also like