"... while government bonds are generally seen as defensive, the sub-3% yields they pay right now aren't much compensation for the risk of dollar depreciation, future U.S. interest hikes, or inflation over the net 10-years."
… and stocks:
"We also believe that this market will not bottom out until it reaches 10 times or lower the smoothed earnings. Although this may sound implausible, we note that the S&P 500 sold at a P/E of 10 or under smoothed earnings in 17 of the past 60 years."
via Business Insider
Posts
