Multiples, not Earnings, is the key driver behind historical equity returns
August 14, 2025
Qi Macro Valuation
1. EU Oil Rich into Ukraine Summit
2. Room for US Mid-Cap Outperformance?
3. USDBRL - be patient
Posted on
May 23, 2025
Watch our joint video with Omega Point.
Since 1900,S&P 10-year returns have been surprisingly stable when driven by earnings.
The real source of volatility?
Shifting market multiples tied to macro and expectations
Watch our joint video #1 in the series with Omega Point.
