On Target 2022.09.17

The biggest theme for stock-market and bond bulls has been the fountain of liquidity gushing out of central banks for the last 14 years. That has compressed yields and boosted the share valuations of companies that make the best use of cheap capital. But the situation is changing as central banks raise interest rates and withdraw their support from bond markets. It’s why valuations of high-growth giants have been falling.

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