Список проголосовавших за комментарий "marketbuzz, from JPM: lower productivity growth weakens company profit growth as well as stock multiples. Remember that stock prices (P) should equal E/(r-g) where E is earnings, r the equity discount rate and g earnings growth. Lower productivity growth lowers g. The equity discount rate is to us largely a function of risk/volatility, which is unlikely to fall in a low-growth world. Hence, lower long-term earnings growth should bring lower equity multiples, something that has not happened yet"