The Last Incremental Buyer | Valuations, Leverage & the Exhaustion of Structural Bids
Jul 19
1 min read
Updated: Oct 4
For the past three decades, U.S. equities have benefited from powerful structural tailwinds: retirement accounts on autopilot, record corporate buybacks, and accommodative monetary policy; however, many of these forces are beginning to weaken, just as leverage reaches historic highs and net equity issuance turns positive. In our latest white paper, we explore a simple question: Who is the last incremental buyer and what happens when that source of demand begins to fade?
