BFK - Discussing Market Valuations And Macro Outlook
By Jeremy Schwartz, CFA, Director of Research
Last week's "Behind the Markets" podcast featured a discussion with John Apruzzese, CIO of Evercore Wealth Management, and Julian Brigden of MI2 Partners.
Apruzzese wrote an interesting paper on a global valuation model he uses that takes the earnings yield on equities and subtracts inflation to get a real earnings yield. He sees this real earnings yield over the last 60 years as being around 3% - and believes this is an important gauge for market averages. The paper was called "A Reality Check for Stock Valuations," and