@ChartDiligence @KobeissiLetter Agreed, we need to price in a near-to-full Covid recovery (ala China) and THEN factor in zero rates. DCFs shift higher as ERPs, WACC compresses. The market (S&amp;P 500, Dow) could overshoot the previous highs.... because TINA (see below). $SPY $SPX https://t.co/ZpQnU5P08f