Why Goldman sees stocks on a permanent high plateau

You can’t keep a good Goldman bull down:

How? Booming catch-up growth:

Driving booming EPS:

And booming margins:


So far, so good, in my view. But it starts to get more tricky when we come to valuation. The equity risk premium plays the key role. It’s a permanently high platuea!


Driven by Wall St’s much-loved equity risk premium:

In short, stocks can keep rising so long as there is no return of capitalism or inflation which means that policy risk is the key risk to the forecast.

Watch the macro!

David Llewellyn-Smith
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