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

June 26, 2025
Qi Macro Valuation
1. EuroStoxx 50 – 1 sigma Below Qi Model Value
2. EURJPY already priced in expansive fiscal policy?
3. US Secular Growth / High Beta relatively stretched
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.