None of the Above (![[info]](http://klab.lv/img/userinfo.gif){kind=small} artis) rakstīja,@ 2017-12-23 10:04:00 |
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"Lower interest rates only “justify” higher market valuations provided that the trajectory of future cash flows is held constant. But if interest rates are low because growth rates are also low (which we’ll establish in the next section below), no valuation premium is “justified” at all."
https://www.hussmanfunds.com/comment/mm
https://www.hussmanfunds.com/comment/mm
