Fundamental Valuations and the Divide over Market Distortion
The aging population, cash on corporate balance sheets and changing macroeconomic conditions play into how assets get priced.
Rick Rieder
December 17, 2025
An elderly resident is pushed in his wheelchair through the Polish nursing home for the elderly in Szklarska Poreba, Poland, on Saturday, Aug. 24, 2013. The ìGrandma exportî trend has set hands wringing in Germany, where Munich's leading newspaper denounced it as "gerontologic colonialism" and compared it to nations exporting their trash. Photographer: Bartek Sadowski/Bloomberg
Bartek Sadowski/Bloomberg
