Apple is currently being priced as a near-zero growth stock at 9x forward earnings, net of cash.

FORBES: A Dangerous Sign for Apple's Stock

The simple r-g assumption is one of the most important in debt dynamics: an r-g of greater than zero (when interest rates are greater than GDP growth) means that the debt stock increases over time.

ECONOMIST: Daily chart

In the case of France, the loss of localness means investors can bet on the stock market of a country "with a gloomy economic outlook, a zero growth and rising unemployment rates" and expect to make money, Mr. Vinerier said.

WSJ: French Shares Enjoy a Central-Bank Tailwind