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.
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