Overcooked?

Overcooked?

Risk sentiment felt a bit frail to kick off the new week, but analysts seem undeterred. Credit Suisse's Andrew Garthwaite, for example, lifted his 2021 target for the MSCI World ex-US. He's looking for a more than 12% return this year. There's scant evidence of sell signals, Garthwaite mused, in a note. Between the policy put(s), a still elevated ERP, rising inflation expectations, and, of course, plenty of liquidity, it's easy to remain upbeat on stocks, he contends. It's worth noting that so
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2 thoughts on “Overcooked?

    1. That was a bit harsh. I should have said still elevated compared to what? Elevated historically? Not likely. Elevated as compared to what would be consistent with the theory on which it is based and the historically overall low discount rates? Not likely. Elevated in a relative sense to the normalized bubble insanity of the present day? Maybe. I just wouldn’t call that scientific.

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