In my view, it is difficult to make a strong case for a significant sustained increase in earnings growth in this environment, meaning that growth alone would not justify current equity valuations. But the lower-discount-rate argument is more persuasive, and is consistent with underlying economic conditions and central banks’ mandates.
这对我们意味着什么？在我看来，在这样的环境下，盈利增长保持持续大幅提高很难，这意味着光靠增长无法支撑目前的股票估值。但“贴现率较低说”更有说服力，也与基本经济条件和央行使命一致。