>Maybe the U.S. and European markets had reflected a much safer world than anyone at the time of prior disasters had expected?
that’s part of what super low rates/yield imply right? That people expect a very stable world. Higher multiples are flimsier in the face of new evidence.
>Maybe the U.S. and European markets had reflected a much safer world than anyone at the time of prior disasters had expected?
that’s part of what super low rates/yield imply right? That people expect a very stable world. Higher multiples are flimsier in the face of new evidence.