DAILY SKETCH - On the relative basis stocks are not overvalued relative to bonds 20. 01. 2021 We use the EB factor indicator to assess the relative attractiveness of stocks to bonds. This indicator is defined as the difference between the inverse of the global equity P/E or trailing earnings yield and the average global bond yield to maturity. This indicator therefore... Daily sketch
DAILY SKETCH - Rational bubble 19. 01. 2021 In recent days, the media has become increasingly aware that the current situation in global stock markets could be described as a "rational bubble". Labeled "bubble" due to the fact that the current valuation of global stock markets is extremely high close... Daily sketch