Defensive stocks (WMT, COST, KO, XOM) rallying but at insane multiples for low growth
Money rotating to consumer staples, energy, utilities YTD (WMT +12%, COST +16%, XOM parabolic); but WMT at 40x PE for 3.9% 10-yr CAGR, XOM at 20x PE for 2.2% growth; operationally strong but stocks not cheap; flight to safety creating valuation bubbles in defensives.