“Each quarter, I write these Market Perspectives for an audience of long-term investors. As such, I heavily rely on valuation metrics. While it is abundantly clear that valuation is not a market-timing indicator for short-term trading, there is a great deal of research showing that subsequent long-term (e.g. 10 Year+) returns are negatively correlated to going-in forward P/E ratios…”
To read the full version of CapAcuity’s Chief Investment Officer’s quarterly market perspective for 3Q20, click here.