Fed paper - equity supernormal returns driven by lower interest costs and corporate taxes.

[rogermunibond]

https://www.federalreserve.gov/econres/feds/end-of-an-era-the-coming-long-run-slowdown-in-corporate-profit-growth-and-stock-returns.htm

 

Expect lower profit margins going forward.

[Spooky]

Once again the younger generations get screwed.

[ValueArb]

Duh?