Krótki tekst dla wszystkich rozważających decyzje inwestycyjne w
oparciu o mnożniki agregowane dla całego rynku.
"The relationship
between the 10 year treasury yield and the PE ratio on the S&P 500 is
unstable overtime. In theory, investors should pay more for stocks when
rates are low and less for stocks when rates are high. However, the
equity risk premium tends to cloud the relationship between treasury yields and
the PE ratio, and empirically speaking the relationship between stocks and
interest rates is much looser than we would like to think."
