Format Online paper / PDF
Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 8: THE SHIELD OF SCREWTAPE Three Sleepy Kings

"In Smolyansky’s decomposition, falling risk-free rates account for all of the expansion in price-to-earnings multiples from 1989 to 2019."

This directly supports the section's claim that declining interest rates were an important tailwind for equity valuations.

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Source title End of an era: The coming long-run slowdown in corporate profit growth and stock returns
Source authors Michael Smolyansky
Source year 2023
Confidence high
Importance high
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