
Andy Constan on Lessons From Bridgewater, Equity Valuations and Top Trades
Macro Hive Conversations With Bilal Hafeez
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How to Make Money on Stock Valuation Models?
Valuation matters, but it's not something that stand alon is a trading sik. You can't make e having with a valuation model ind market. There's too much volatile bube associated with expect on. It's very difficult to make money on valuations. However, valuations are something i still have in my quiver. So p e is bad for a variety of reasons. But the thing that bothers me most about p e is that it doesn't scale with interest rates. And so i my rough huristic for the quick and dirty is to look at long term interest rates, nominal interest rates. I would assume, simply from discounted cash flow analysis, that the present
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