Due to misguided central bank manipulation, we have artificially low interest rates that mean that the market is no longer getting proper price signals. How do you value assets in a world where interest rates are zero or negative? Historical valuation metrics may no longer be valid. We need new ways of valuing assets.

This is a very common refrain and it drives me nuts. It is almost all wrong - and on so many different levels!

Firstly, one of the key roles of central banks is to set interest rates. They have been doing it for 100 years or more. If your valuation process is...