I've appreciated Spencer Jakab since his book on the GameStop era ("The Meme-Stock Revolution That Wasn't"). Today he's out swinging in the WSJ about stock prices and valuations.
Looking over all the history available, developed-market large growth stocks were trading last week at 98th-percentile valuations based on the most reliable cyclically adjusted measures. That means they have been more expensive only 2% of the time. At the other end of the spectrum, developed-market large value is at the 2nd percentile, so it has been cheaper only 2% of the time. [...] the predicted return for U.S. large growth stocks is 1.8% annually over the next decade, which would be negative after inflation—the worst out of more than 40 asset categories tracked. The expected annual return for non-U.S. developed-market value stocks is 10%.
Put differently: the valuations are too goddamn high.
But then everything is relative, and we aren’t in Kansas any more when it comes to valuations. For Americans, there’s no place to avoid like home.
No place to put your money... and stupid orange coin doing orangutan things. Doesn't matter what the setup/fundamentals is for bitcoin: it's a macro asset now, and it's gonna get traded with the rest of them.
non-paywalled via MSM, apparently: https://www.msn.com/en-us/money/markets/stocks-have-a-big-expensive-problem/ar-AA1zFm9t