Why a top quant wants to be wrong about markets

Former Pimco quant Rebonato sees weak returns, inflation and sovereign debt troubles ahead

Riccardo Rebonato
Riccardo Rebonato

Riccardo Rebonato has spent a career trying to make sense of markets. Today, he’s finding they make little sense at all.

“It completely baffles me how we can have equity prices that are similar to the prices in December, when the word Covid was unknown,” says Rebonato, a finance professor at Edhec and former chief quant at Pimco.

“Everything points to massively lower prices,” he says.

Current stock market valuations fly in the face of asset-pricing theory, in which Rebonato is a leading

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