The stock market’s valuation is mostly just supply and demand, with “supply” being the wealth of the 1%.
When inequality is high, the market usually is too.
The stock market’s valuation is mostly just supply and demand, with “supply” being the wealth of the 1%.
When inequality is high, the market usually is too.
High inequality (1920s, 2000-present) high valuations.
Low inequality (1970s) low valuations.
High inequality (1920s, 2000-present) high valuations.
Low inequality (1970s) low valuations.