SocGen: Stocks Haven’t Been This Expensive So Widely Since 2005

On Wednesday afternoon, we brought you the latest from Howard Marks, who set out once again to dispel the notion that he thinks you should "get out now", a quote he says has was falsely attributed to him after a memo he penned last summer questioning a couple of the market's going assumptions about the supposed infallibility of FANG/FAAMG and the wisdom of blindly funneling trillions into markets via passive vehicles that by definition, do not contribute to price discovery. In his latest memo,