Stocks Haven’t Looked This Unattractive Since 2007

The reward for owning stocks over bonds hasn’t been this slim since before the 2008 financial crisis

The reward for owning stocks over bonds hasn’t been this slim since before the 2008 financial crisis. The equity risk premium—the gap between the S&P 500’s earnings yield and that of 10-year Treasurys—sits around 1.

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