It might be more convincing to directly attack their point that the price of MST, TSM, SMSN, ASML, etc. is a function of not only future profits but future interest rates.
Their claim is that the effect on equity prices is messy because of interest rates, not that future expected profits are necessarily lower than you believe.
It might be more convincing to directly attack their point that the price of MST, TSM, SMSN, ASML, etc. is a function of not only future profits but future interest rates.
Their claim is that the effect on equity prices is messy because of interest rates, not that future expected profits are necessarily lower than you believe.