MARKET VIEWS
A Brave New World: Why US Equity and Corporate Credit Markets are Overvalued and Overextended
By Peter Cecchini
18 September 2020
In this paper we discuss:
- Why people look at equity valuations the wrong way;
- How the narrow breadth in the equity space makes markets more fragile;
- Why valuations for equity and high-yield credit are extreme;
- How these valuations excessive rely on policy support and growth; and
- How since 2018, most U.S. equities have had a rough time.
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Download PDF: R&RwC Brave New World - September 2020
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