Multiples, not Earnings, is the key driver behind historical equity returns

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.

Author
Qi Analytics Team

Related Articles

Whitepaper - Axioma and Qi
January 1, 2025
Qi Macro Risk

Whitepaper - Axioma and Qi

Macro Spotlight - Micron Earnings
June 23, 2025
Qi Macro Risk

Macro Spotlight - Micron Earnings

Macro Spotlight - Flashing Amber
June 16, 2025
Qi Macro Risk

Macro Spotlight - Flashing Amber

Macro Spotlight - US Homebuilders
June 17, 2025
Qi Macro Risk

Macro Spotlight - US Homebuilders