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back inflation des assets avec bilan des banques centrales
QE implied tresory notes being pumped up with central bank reserve added (+ reserve balance)
money base = currency in circulation (2,3T) + reserve balance (3T) , M1 = money base + deposits (17,5T)
this doesn t implied increase bank loans: it only increases liquidity for banks but not for real economy
fed fund rates only helps real economy because it helps banks lending new money
interest and gvnt expenses slow real economy -> global interest payment is naturraly limited to the global GDP growth
the more interest rate increase the less debt can be served -> rate * level of debt should be constant in time
zoom sur les yields
descriptif
zoom sur le niveau des PE
descripif
PB = PE * ROE
PB = 1 en théorie, cad prix des titres = valeur des capitaux propres
PB = 1 * prime on equity growth * prime on equity profitability
PE = prix du marché, modulo la croissance du titre / croissance du marché (PEG)
ROE = return on equity, to compare with expected return of equity parket
WAAC
Weighted Average Cost of Capital = Equity cost + Debt cost wacc
WACC = (E/V * Re)+(D/V * Rd*(1-Tc))
E = market value of equity , D=market value of Debt, V=E+D , Tc=corporate taxe rate
Value

Entreprise Value = Equity + Debt
Debt = total Debt - cash
EV / Revenue is a good way to compare in time and in same segment
return on assets long term

proportion of profit in gdp is quasi constant ~ 10% of GPD + 3% for interest
remuneration of capital is rather limited, whatever the time and circonstances
pure capital is rewarded like debt, know how is the part that is most rewarded, it drive profitability
value is dependant on capital but usage of capital is the real driver
hence, growth of sales and profit margin are hte key drivers