Last year valuations were so expensive that even with high assumed earnings growth rates, equity valuations could not be justified; every stock in the opportunity set was overpriced regardless of interest rates or inflation assumptions.
causalpending
Speaker
Ted OakleyEvidence Quote
“the problem about last year was they were so expensive Jack that it didn't make any difference what the interest rates were everything was so expensive and if you even if you calculated a high earning rate for the next five years you still couldn't make it work and that's what we got into last year nobody could see it I mean they were all sort of drunk on the numbers but that's where we were last year”
Created: 8/10/2026, 11:14:48 PM
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