WOLF Terminal(@WOLF_Terminal):🚨 WELLS FARGO CHIEF EQUITY STRATEGIST OHSUNG KWON ON WHERE STOCK VALUATIONS ACTUALLY STAND: "If you adjust for higher rates, the equity risk premium has actually compressed quite a lot. Right now it's actually negative." The math: "If you look at the forward earnings yield versus the 10-year at 5.30% right now, it's about negative 10 basis points. It's at the cycle low." The historical context: "The only time it went negative historically has been during the tech bubble."

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WOLF Terminal@WOLF_Terminal

2026.10.09 23:30

🚨 WELLS FARGO CHIEF EQUITY STRATEGIST OHSUNG KWON ON WHERE STOCK VALUATIONS ACTUALLY STAND: "If you adjust for higher rates, the equity risk premium has actually compressed quite a lot. Right now it's actually negative." The math: "If you look at the forward earnings yield versus the 10-year at 5.30% right now, it's about negative 10 basis points. It's at the cycle low." The historical context: "The only time it went negative historically has been during the tech bubble."