is up nearly 40%. Such a strong rally has come in the face of high inflation, high interest rates, and growing concerns of a potential recession.
Yardeni disagrees, and instead highlighted in a note over the weekend four reasons why the current rally in stocks is likely to become the most hated bull market in history.Yardeni highlighted that the bull rally in stocks started with valuations high, not low. In the fourth-quarter of 2022, the S&P 500 traded at a forward price-to-earnings ratio of about 18x, which is above its 25-year average of 16.8x.
"Especially disconcerting to the crowd is that the S&P 500 has continued to rally since March 8, when the banking crisis started," Yardeni said.Finally, investors are taking issue with the fact that the current stock market rallyleading to a lack of participation among the hundreds of smaller companies that make up the S&P 500.
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