The Double-Barreled Threat To Stocks

The Double-Barreled Threat To Stocks

A near constant theme in these pages -- a perpetual topic du jour, if you'll pardon the paradox -- is the notion that rising real rates are kryptonite for richly valued equities. So far, that's the story of 2022's bear market. Until profits are finally blown off course by gale-force margin headwinds and forward estimates undercut by the vicious macro undertow, we're compelled to explain this year's losses by way of higher rates. It's a valuation compression story. You could easily suggest that
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