5 Comments

I understand wanting to include earnings growth. I am not sure about including earnings growth *and* stock buybacks. Not a double counting issue?

Expand full comment

Extraordinary work; enlightening and useful. Thanks

Expand full comment

Thanks for your high quality work.

Regarding your point about models needing to evolve to properly meet current factors...

I’d love your take on how the huge amount of Passive Fund flows might interact with this.

Meaning, do the enormous flows into index funds diminished in any way the usefulness of these models when those passive funds are ignoring all valuation, models, and just buying regardless?

And,

I’m seeing some interesting analysis being done on the powerful effect the broadest measures of global liquidity having more effect on expanding PE ratios than were previously thought.

Anyway, appreciate your work. Thanks.

Expand full comment