Gavyn Davies: What Goes Down Is Thereafter Highly Likely to Go Up...

…especially if it has an earnings yield of 5% while the real yield of ten-year U.S. Treasuries is zero.

Gavyn Davies forecasts the equity boom:

A good reason to, say, take out a honking huge mortgage rather than finance a house by liquidating equity positions? Yep.

Of course, past performance is no guarantee of future results...