7/11 Indices, page-40

What's amusing is that punters think a perfect economy is required to buy equities.

It's actually the opposite - a perfect economy is when you GTFO.

Stock market is a discounting mechanism until it can not discount no more as valuations in terms of NPV to future cashflows far outweighs other risks. Slowing the speed of interest rates hikes is such an example where future cashflows are impacted as it begins to breed confidence and visibility to punters.

When valuations get out of hand only then do you GTFO. Until then some of these dividend yields and valuations is something you only see once every few years.