​A P/E multiple ‘fair value’ model suggests that the market is on the expensive side, but within reason
The U.S. Presidential Election has been a catalyst for U.S. equity market performance. The primary reason being, that the market now expects that the new administration will promote a set of economic policies that will ‘reflate’ the U.S. economy sooner than anticipated, and will bring about regulatory changes that will benefit specific sectors. Investors have been positioning for a regime shift in both the economy and financial markets.
In order to get a feeling of the impact of market expectations, or, of the potential effects of the new U.S. administration’s policy agenda on equity market valuation, an econometric framework is employed to proxy and determine the ‘fair value’ of the market, as well as the unexplained component.
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