A Brave New World: Why US Equity and Corporate Credit Markets are Overvalued and Overextended

By Peter Cecchini

18 September 2020

In this paper we discuss:

1. Why people look at equity valuations the wrong way;
2. How the narrow breadth in the equity space makes markets more fragile;
3. Why valuations for equity and high-yield credit are extreme;
4. How these valuations excessive rely on policy support and growth; and
5. How since 2018, most U.S. equities have had a rough time.

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Download PDF: R&RwC Brave New World – September 2020