In today’s briefing:
- The Bubble Isn’t Where You Think It Is
The Bubble Isn’t Where You Think It Is
- Just a short pre-Christmas note today. A number of market pundits have been giving the all clear to jump back in the pool now that crypto has been nuked and Peleton et al are down 80%+.
- Yes, those were bubbles of the more ridiculous variety, but the S&P 500 is still dangerously expensive and growth stocks are not the sole reason.
- Under the hood, the index is stuffed with mature industrial and consumer businesses still trading well above their historical norms.
💡 Before it’s here, it’s on Smartkarma
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