We don’t have to predict rates to adjust our expectations

Rates are near all-time lows across the civilized world. Everyone has an opinion about what that means for stocks - some say rates must soon start marching back up to 1980 levels, thereby dragging down multiples. Others say that we don't have to worry about current high valuations since we're in a low-rate era, or even that our idea of fair-value CAPE and price:sales ratios are outdated. A look at…

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