RGA Investment Advisors commentary for the second quarter ended June 30, 2019.
Q2 hedge fund letters, conference, scoops etc
The second quarter was a little choppier than the first quarter, with an upward bias in the end. Markets largely spent time digesting the magnitude of the moves from the fourth quarter of 2018 and first quarter of 2019. Amidst the choppiness there was indeed one notable happening of market consequence:
The chart above shows the spread between the S&P’s equity risk premium as measured by the S&P’s current earnings yield (in other words, E/P, the inverse of the market’s P/E ratio) minus the 10-year Treasury Yield. Although “the market”...

