I agree, that global liquidity is the most important factor of asset prices in the mid term periods. However I am perplexed regarding effects of interest rates... Shouldn't they partially move money from stock markets into bonds? And changes on the margin are the ones driving prices.
I agree, that global liquidity is the most important factor of asset prices in the mid term periods. However I am perplexed regarding effects of interest rates... Shouldn't they partially move money from stock markets into bonds? And changes on the margin are the ones driving prices.