Based on this new understanding, it unveils the full dynamics of wealth accumulation and reaches conclusions that are sharply different from those of famed economist Thomas Piketty. The paper also develops a reliable, year-by-year, income-group-by-income group database of savings rates and explains why they change over time, something never done before. This angle allows us to create a new valuation metric for equities that outperforms traditional ones. First, it introduces a radical new perspective on equities, thinking of them as one would of high-end consumer goods. It is best read after the first paper in the series, " Overview of the Work." This white paper is the fourth in a series that reframes our historical view of US equity market “performance and reinvents current valuation theory and methodologies.
0 Comments
Leave a Reply. |