Stock Rally That Nobody Saw Coming Is Refusing to Go Quietly
Among investors surprised when the S&P 500 jumped more than 10% over 11 sessions through Tuesday were hedge funds.
Getting louder on Wall Street is the drumbeat of warnings over a bear market trap.
At 20 times profit, the S&P 500 trades at a valuation multiple that before the 2020 pandemic had been seen only once in the past two decades -- during the dot-com era. Meanwhile, the cushion from corporate profits is thinning out.
Bloomberg 1 april 2022
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