Market Measures

The most beautiful summary of the last 2 years of equity market activity by Howard Marks https://t.co/5Ma9Vcavwe

Howard Marks on the Markets: “When you buy the S&P 500 at a 23x P/E, your 10-yr annualized return has always fallen between +2% and –2%, IN EVERY CASE, EVERY CASE.” Today, the market sits at a 25x P/E. Add inflation… and your “returns” are negative. The chart... See more