Equities and Margins

P/E expansion has been an important driver of US equity returns in recent years. The left chart shows the disaggregation of returns in 5 year blocks going back to 1996. As we can see, in the years 2011-2016, 55% points of the 79% return of the S&P in that period...

No Margin Support for Equities

P/E expansion has been an important driver of US equity returns in recent years. The left chart shows the disaggregation of returns in 5 year blocks going back to 1996. As we can see, in the years 2011-2016, 55% points of the 79% return of the S&P in that period...