Valuations have fallen sharply, but buyers beware

On all metrics, equity valuations are at multiyear lows. But until there’s more clarity on the pandemic’s impact on earnings, stock pricing is more noise than signal.  With global equity benchmarks in bear-market territory, valuations haven’t been this low in years. But given the still-opaque outlook for world economies and earnings, the caveat of “let the buyer beware” remains an apt warning.

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