Aswath Damodaran: How Most Investors Get It Wrong
15/03/2026
Aswath Damodaran, Professor of Finance at New York University, visits the podcast ‘Equity Mates’ to discuss everything valuation.
Michael Mauboussin: Investing in periods of easy money
-
Af
Børsgade
- - Udgivet
In their latest article, Michael Mauboussin and Dan Callahan analyse the importance of ‘easy’ money. I.e. money at a low interest rate with limited requiments for collateral etc.
Not surprising, stock appreciation has been significantly higher in periods of ‘easy’ money compared to other periods.
Earnings growth was higher in the easy money phase than in the prior one in part because it started as the result of poor economic conditions and depressed earnings in 2008. But the returns also benefited from an expansion in the price-earnings (P/E) multiple, a natural outcome of lower rates. The CAGR for the S&P 500 was 9.6 percent from 1928 to 2023, so the returns during the easy money era were exceptional.
Share the news
Disclaimer of liability
The above has been prepared by Børsgade ApS for information purposes and cannot be regarded as a solicitation or recommendation to buy or sell any security. Nor can the information etc. be regarded as recommendations or advice of a legal, accounting or tax nature. Børsgade cannot be held liable for losses caused by customers’/users’ actions - or lack thereof - based on the information in the above. We have made every effort to ensure that the information in the above is complete and accurate, but cannot guarantee this and accept no liability for errors or omissions.
Readers are advised that investing may involve a risk of loss that cannot be determined in advance, and that past performance and price development cannot be used as a reliable indicator of future performance and price development. For further information please contact [email protected]
You might also find this interesting:
Guy Spier: Navigating through a chaotic world
14/03/2026
Guy Spier visits the University of St. Gallen to talks about a number of subjects covery nflation, debt, market trends and geopolitics.
Michael Mauboussin: Investing in periods of easy money
14/03/2026
In their latest article, Michael Mauboussin and Dan Callahan analyse the importance of ‘easy money’ for stock returns.
Thomas Shrager: We have added these companies to our portfolio
14/03/2026
In their recent Q4 2023 letter to shareholders, Thomas Shrager and the Tweedy Browne team review the past quarter and reveal the stocks they have been buying.