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Valuations highest since 1900, by one measure - Goldman

Published 11/29/2017, 08:02 AM
Updated 11/29/2017, 08:02 AM
© Reuters.  Valuations highest since 1900, by one measure - Goldman

© Reuters. Valuations highest since 1900, by one measure - Goldman

  • "It has seldom been the case that equities, bonds and credit have been similarly expensive at the same time," says the international strategist team at Goldman, with only the 1920s and 1950s coming close.
  • They note that a 60/40 blend of the S&P 500 and 10-year Treasury returned an inflation-adjusted 7.1% annually since 1985 vs. 4.8% over the last century.
  • The timing is up for debate, but a drawdown is coming. Over the past century, major ones have averaged 26% and lasted 19 months.
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