bond yields
3 statements across 2 episodes · 0 bullish · 1 bearish · 2 people on the record · first statement Dec 21, 2020 by André Perold · across every show →
Everything said about bond yields, oldest first
Dec 21, 2020 bearish
André Perold: Standard 60/40 portfolios deliver only 3% expected real return
“Going forward, what's tough is that you think of a 60 40 portfolio 40 of the sixties earning zero. Okay. Zero real, or maybe even negative real. And if your PE is 20, that's an earnings yield of five. Now an earnings yield of five, if bond yields are zero, is …”
Dec 21, 2020 neutral
André Perold: S&P 500 gained 9% annually since 2005, 3% from multiples
“You know, the last 15 years that we've been in business, if you look at the return on the S&P, it's nine percent a year since the late 2005. Of the nine, three percent a year has come from multiple expansion, and that three percent a year is entirely consisten…”