US stocks at most expensive relative to bonds since dotcom era

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The story "US stocks at most expensive relative to bonds since dotcom era" was covered 17 hours ago by Financial Times, a news publisher based in United States.

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Financial Times 17h ago

US stocks at most expensive relative to bonds since dotcom era - Financial Times

Quick Summary:

Pimco’s chief investment officer said this week that relative valuations between bonds and equities “are about as wide as we’ve seen in a long time”, and the same policies that could take bond yields higher threatened to hit stocks.

Aswath Damodaran, professor of finance at the Stern School of Business at New York University, is sharply critical of the Fed model and said the right way to compute the equity risk premium was to use expectations of cash flows and cash payout ratios.

On this reading, the equity risk premium is also “at its lowest level since the dotcom era”, said Miroslav Aradski, senior analyst at BCA Research, although it is not negative.