Multiples, not Earnings, is the key driver behind historical equity returns
October 16, 2025
Qi Macro Valuation
1. Time for a Dollar pause
2. Short squeeze stretched?
3. Risk-reward shifts back to a steeper US yield curve
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.
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