Maybe their passing off as insignificant or even positive the increase in P/E over the years???
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Narrative and predictions all based on movements in mean of indicator distributions.
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Generally correct but 2 fishy pts: low gov't bond yields explain high stock prices and view labour / capital share of profits rebalancing.
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It should be said that 1st pt is not straightforward, see: http://www.nationalbanken.dk/en/publications/Documents/2005/04/2005_MON1_087_relations.pdf … And https://www.bloomberg.com/view/articles/2017-04-19/high-stock-prices-and-low-bond-yields-can-t-last …
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