From his note this morning:
"If I had a dollar for every person that told me that low rates can substantiate higher multiples even though rates were low because earnings and the economy were depressed.
As for the pile of debt that a rise in rates would impact, yesterday the Institute of International Finance said global debt in 2020 went to $281 Trillion, up $24 Trillion to a fresh record high. That is 355% of global GDP. About half the debt increase was from government and the other half from the private sector (both business and households)."