Peter Spiller on Value Investing, Navigating Inflation and Delivering 15% Annual Returns
Macro Hive Conversations With Bilal Hafeez
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The Impact of Technology on Equity Valuation
We are very much influenced by Cape and Q, which should give basically the same answer. We recognize that in different real interest rate environments, the reversion to the mean for those valuations will be more or less quick. But what we do think about the current situation is that we have moved really quite dramatically in environment. And from tech, so tech is very interesting because obviously there's always productive activity improvement from technology since 18th century.
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