Markets – Equity Risk Premium and Real 10-Year U.S. Treasury Yield The similarities between today and the tech bubble make BofA bearish on 2022. Image: BofA US Equity & Quant Strategy
S&P 500 Equity Risk Premium – Equities vs. Bonds The S&P 500 equity risk premium is expected to decline through 2022. Image: Goldman Sachs Global Investment Research
Premium Spent on Buy-to-Open Single-Stock Option Transactions Retail options traders are back in droves. Image: BofA Global Research
Equity Risk Premium – 12-Month Forward Earnings Yield Minus Real 10-Year Government Bond Yield The Equity Risk Premium has increased over the last few months. Image: BCA Research
S&P 500 Equity Risk Premium and Real 10-Year Rates Will the S&P 500 equity risk premium rise further? Image: Morgan Stanley Research
Valuation – FY2 P/E Premium of Growth vs. Value The valuation spread between Growth and Value is still well above its long-term average. Image: Goldman Sachs Global Investment Research
24-Month Fwd Sector-Adjusted P/E Premium (Discount) to U.S. Equities Is the U.S. stock market still the best place to invest? Image: Goldman Sachs Global Investment Research
European Stocks – MSCI Europe Index Two-Year Forward P/E Premium to MSCI All Country Worl Index European stocks remain cheap relative to their global peers. Image: Morgan Stanley Wealth Management
S&P 500 Equity Risk Premium (Using Breakevens) The S&P 500 equity risk premium remains much lower than it was in March 2020. Is a drawdown on the horizon? Image: Morgan Stanley Research
Global Equity Risk Premium The global equity risk premium does not show a high excess equity return over global government bonds. Image: BofA Global Investment Strategy
FY2 P/E Premium of Highest vs. Lowest Valuation S&P 500 Firms The dispersion of stock multiples has narrowed, but is still wide relative to history. Image: Goldman Sachs Global Investment Research