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5min chapter
Michael Howell: "QE Is Coming Back, Big Time"
Forward Guidance
Why the Market Has Goed Up?
Economists focus 100% on the E, right? And what they're telling you is that the E is going down big time. But that's not how markets work. Markets work on the PE. 80% of the movements in the S&P or any major index is about movements in the PE multiple. What drives the PE is two things: One is rising liquidity, and the second is falling inflation. Now, have we got falling inflation? Well, we can dance on the head of a pin and say, maybe yes, maybe no. But the reality is that inflation is going down. This is what's happening big time now. And you've got to change asset allocation accordingly
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