From Key West on vacation, my opinion of stock market valuations. Nobody can predict when the stock market might crash but there are valuation levels I believe are more dangerous than others and we are there now. Market cap to GDP is at it’s second highest total and the Schiller price earnings is third all time to the 1929 bubble and the dotcom bubble. Both times those ended in crashes but as the dotcom showed us the party can go on for quite a while even when overvalued.
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