Just Another Bubble Chart

Everyone loves a good "How expensive is the US stock market?" chart. And God knows you can conjure plenty of them these days. On most (or a lot of) key valuation metrics, there are only two comparable periods to the current melt-up: The 2021 "everything bubble" and the dot-com boom in the late 1990s. Arguably, "this time's different." Cue the ominous music that's supposed to accompany the most dangerous phrase in markets. The mega-cap leadership in the US exudes the characteristics you want i

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