Consumer prices are up 20% since the end of 2019. Interest rates have gone from 0% to 5% over the same time. Financial conditions have tightened, and yet the stock market hasn’t broken. If you had known the future paths of the two most important macro variables, inflation and interest rates, you would have thought the stock market would be significantly worse off than it is today.
Aswath Damodaran explained why stoc…
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