QE effect on equity prices
How much do you attribute the rise in equity prices to QE?
It's hard to say how much can be attributed to QE, but I think a good amount. 1) Many market participants believe that QE = stocks higher, so they buy stocks when there is QE. That psychological impact is IMO real. 2)QE pushes Treasury yields lower, which encourages some investors to move from Treasuries to corporate bonds. Corporations have been issuing a lot of corporate bonds since rates are lower, and then using the proceeds to buy back stock. That pushes stock prices higher.
When the Fed lowers interest rates via QE, that reduces the discount rate you use for the cost of capital in your DCF as valuation engine, and then those cash flows become more valuable. This pushes equity prices up.