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Title

Growth Stocks Have a “Convexity Problem” : As the Real Yield Rises, the S&P 500 P/E Falls Hard

Event Description

Major headwinds for the S&P 500 above the 3,900 level as a rising real yield causes P/E to fall hard

·  S&P 500 is not yet a bubble, as 3,900 is the border between a top or bubble starting (we think top)

·  A bubble (~5,200 S&P 500) only occurs if Fed moves to repress the 10Y yield, amplifying the P/E

·  Unless “this time is different” commodity cycles say “Value recovery” and not “Growth bubble”

·  Though MMT has few costs in early 2020s, it leads to inflationary obliteration late-2020s to 2030s


Event Type

Career; Educational; Featured

Education Topic

 

Start Time

4/15/2021 12:00 PM

End Time

4/15/2021 1:00 PM

City

Baltimore

State/Province

MD

Event Country

US

Event Region

Americas

Location Info

​Virtual - Login information provided upon registration

Speaker

Barry Bannister, CFA

CE Credits

1

SER Credit

0

Currency

USD

Member Cost

0.00

Non-Member Cost

20.00

Candidate Price

20.00

Registration

https://cvent.me/0K4Wg1

All Day Event

 

Recurrence

 

Hosted By

​CFA Society Baltimore

Event Link

Register Now

Event Link Leads To New Tab

Yes

Event Short Info

Growth Stocks Have a “Convexity Problem” : As the Real Yield Rises, the S&P 500 P/E Falls Hard

Attachments

Content Type: MyCFA Calendar
Created at 3/23/2021 8:38 AM by [email protected]
Last modified at 3/23/2021 1:21 PM by [email protected]