¿Por qué la Renta Variable lo ha hecho tan mal en la última década?

¿Y qué cabría esperar para los próximos 10 años?


Desde Crestmont Research

"The starting valuation matters! When P/Es start at relatively lower levels, higher returns follow–paying less yields more. When investors have P/Es that start higher, subsequent returns are lower. This graphical analysis presets the compounded returns that follow over the subsequent ten years based upon the starting P/E ratio. It’s compelling, primarily because it’s fundamental–starting valuations directly impact subsequent returns. From the current above-average valuations, below-average returns are likely to follow for the next decade or longer".