The US stocks have enjoyed an impressive rally in 2023, thanks to a combination of cooling inflation, fading recession fears and hype over artificial intelligence.
The president of Hussman Investment Trust has based his views on stretched equity valuations and unfavourable"internals" – deeming a steep plunge in stocks necessary to restore market conditions back to normal. The S&P 500 has rallied 19% so far this year, taking its gains since the end of 2008 – the year of the global financial crisis – to more than 400%. The price-earnings ratio of the index, one of the valuation metrics tracked by investors, has climbed to about 26 from last year's lows near 19, according to data from macrotrends.net.
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