原版书173页
EXAMPLE 10
Fed Model Questions
2. Why might the earnings yield be considered a poor measure for the true worth of equities?
Solution
to 2:
The forward earnings yield measure used in the Fed model to assess the worth of
equities fails to accurately capture the long-term growth
opportunities available to equity investors. Although studies show that the
dividend yield has been the major determinant of long-term equity returns, the
impact of earnings growth has been significant and arguably should not be
ignored.