There's No Bull Case For Risk Assets
The Macro Trading Floor
Equity Risk Premium
I'll find a thing I have had plenty of discussions around how to measure the true equity risk premium with clients of mine. If you compare earnings yield against long-term yields Nominal or real the measure looks already much better. So it's not damn expensive It's a bit expensive on a 15 year average Same if you do it against the real yields And my question would remain the same the same underness unless you expect that this inflationary soft landing to happen Why would you want to buy in this? intersection of the macro cycle equities at the risk premium More expensive than a 15 year Average and in this 15 year average you have had a great financial crisis but also periods of QE
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