The S&P 500: (Over)valuation Isn’t the Real Question
Elevated S&P 500 valuations hinge on the durability of corporate margins, shaped by structural scalability, monetary conditions, and AI, rather than solely by traditional valuation metrics like CAPE.
22 feb
The reverse repo drain: liquidity regime shift near completion?
RRP surged post-QE as excess liquidity parked at the Fed, then drained amid QT and rising T-bill issuance. With the cushion gone, liquidity tightens and shocks propagate faster.
12 feb