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US Stocks: Exceptional And Exceptionally Expensive
How richly-valued are US equities?
It's all relative. To the dot-com bust.
I'm kidding. But not. Because as was the case in the go-go halcyon days of 2021 (when "stimmy" was coursing through America's veins), the only analogue for today's extreme readings on a variety of valuation metrics and measures of market concentration is the TMT bubble.
The simple visual above, from SocGen's Andrew Lapthorne, gives you some context: The US is now totally disconnected from Europe on a median forward m
