S&P500 Price to Book Value vs. Future Returns
Comment of the Day

December 18 2019

Commentary by Eoin Treacy

S&P500 Price to Book Value vs. Future Returns

I thought this graphic from Jeroen Blokland’s Twitter account was particularly interesting. 

Eoin Treacy's view

There has been a great deal of discussion about the expected returns from stock markets over the last couple of years. The extraordinary monetary policy and increasing prevalence of deficit spending has raised valuations and compressed interest rates with the result traditional metrics for expected returns have been falling steadily for a decade.

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