2021 div futs still -20% while $SPX is almost flat. If div futs are a proxy for corp earnings, then outperf in SPX is primarily attributable to multiple expansion (as if stocks weren’t already overvalued before #covid). Div futs prob better way to play earnings growth from here. https://t.co/Au7GgFbiyg https://t.co/cpyIeLFGa5