I just published a new long-form piece through OSAM entitled “Upside-Down Markets: Profits, Inflation and Equity Valuation in Fiscal Policy Regimes.”
In the piece, I explore the stock market implications of fiscal policy. Focusing specifically on the COVID-19 pandemic, I attempt to show how the presence of fiscal policy as a reliable source of economic stimulus can turn stock markets “upside-down”, affecting profits, inflation, and valuation in ways that transform good news into bad news and bad news into good news.
Hope you enjoy!
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