In early September, rising bond yields and a falling Forward Earnings Yield caused the Fed Model to rank the S&P 500 at its least-attractive level relative to Treasury bonds since mid-2002. We think this illustrates—better than any other measure—why market pundits have finally jilted their mistress of a dozen years: TINA.
Sep
08
2023
A Flawed Model Proves Our Point
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Fed Valuation ModelLogin
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![Doug Ramsey / Chief Investment Officer & Portfolio Manager](https://leuthold.imgix.net/leutholdgroup.com/site_files/authors/DSC_3768_LR_Doug.jpg?h=150&w=150&fit=crop&fp-y=.15)