The Rewind: Us and Them
The Memo by Howard Marks
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What Is the Difference Between High Interest Rates and Stocks?
Low interest rates lower the hurdle return for equities and justify p e ratios in the high twenties. The optimist is cheered by the low rates and their stimulative power. While we worry about the impact on valuations that arise in rates would have, rates can't go down all that much, but there's plenty of room for them to go up.
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