"We see a clear empirical trend of falling equity returns for investments made at every rise in the equity and bond yield gap," said Vikash Kumar Jain, investment analyst, CLSA, in a note to clients. "For each market, investments made above a particular level of this valuation gap ends up yielding negative or very low equity returns; i.e. bonds become more attractive investments than equities above this level."from Stocks-Markets-Economic Times
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