The Higher for Longer Mantra Is Still Applying to Equity Markets

The dahlio debt cycle framework is still applies. But if long end rates continue to diverge from equities, that's not a sign of like equities being smart money. I think the challenge moving forward is what businesses out there can weather interest rates this high and not just weather them this high. It's when you talk about trying to service 5% plus interest rate when maybe your margin after tax was only 5%. You now become a business that has to rely on further issuance of stock to just stay alive.