The Investor's Sword and Shield | EP 228
Global equity portfolio manager, Paul Moroz, speaks to a wide range of market topics, including what higher discount rates mean for equity valuations and the subtle shifts you might not see in the headlines but that absolutely matter.
Stay tuned for the second half, where Paul discusses Millennium Prize math problems, humility, podcast proliferation, and entropy—for those seeking useful mental models for portfolio construction, the payoff is worthwhile.
Key Highlights:
Bond yields set the discount rate for every asset, and the 10-year U.S. Treasury is above 5%.
A 1% rise in the discount rate…
The skinny
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