Amazing stat of the day

Brandon Snow's picture

I wanted to share an interesting stat this week: JUNK BONDS NOW YIELD LESS THAN U.S. TREASURIES DID JUST SIX YEARS AGO. Over the same period equity multiples are down! So, while the market is up a lot from the lows, we have not seen the re-pricing of risk in equities that we have seen in other asset classes. Typically, the last move of a market cycle is driven by P/E expansion - this could deliver a final leg up for the markets this cycle.

Secondly, I wanted to apologize for the lack of blog posts this week, it's been very busy with earnings (mostly good!) and corporate activity. We will pick up the pace again going forward.

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