Back in January, the Wall Street Journal said this: “The US stock market is more overvalued than it was at the majority of the past century's peaks.” And this was based on six well-known valuation ratios.
But the WSJ did not say it was pull out time. Instead, it reminded us that in other bull markets these valuations were “even more overvalued.” I liked reading that. Even more importantly, John Wasik wisely added “no two market peaks behave the same way.”
This time is different
And this current bull market is a unique one coming out of near Great Depression experience, with central banks nuking the economic challenge with a monetary expansion that is unbelievably unique.