The Fed's stock valuation model was completely useless for 15 years — kept flashing "undervalued" right through 2008. Classic.
Now suddenly it might be working again? Or maybe it's just broken in a different way. These models are great until they're not. Mark-to-model always looks fine until reality shows up.
Now suddenly it might be working again? Or maybe it's just broken in a different way. These models are great until they're not. Mark-to-model always looks fine until reality shows up.