I’m referring to a valuation gauge known as the price-to-book ratio.
As you might recall from my previous reviews of the eight valuation indicators with the best long-term records, the S&P 500’s SPX price-to-book ratio currently is higher — and therefore more bearish — than at almost any other time in recent decades.
Don't worry about what is technically 'overvalued', that means nothing at all. Worry about how people are feeling about what they own - and where they think what they own is going from here. That's all that really ever matters. Forget the rules, worry about what people believe.
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