Jim Leitner on Creating a Macro Edge, Trading Options and Carry Trades
Macro Hive Conversations With Bilal Hafeez
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The ECY and the Stock Market
Shiller: I'm not really nervous when I think about valuation. So we did a study on what's called the ECY, which is the excess KP yields. When you then look back at well, the last 70 years, how did the stock market do over the next year? Well, 75% of the time it was up. And that kind of tells you something about the valuation.
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