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A high M-Score could indicate higher risk, warranting a higher discount rate and thus a lower valuation. It's important to remember that the M-Score is a probabilistic tool, not a definitive verdict. It's like adding a riskpremium, but based on hard data rather than gut feeling.
In this post, I will argue that almost everything that we are observing in markets, across asset classes, can be explained by a pull back on risk capital, and that understanding the magnitude of the pull back, and putting in historical perspective, is key to gauging what is coming next. Risk Capital: What is it?
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