The stock market’s prospects over the next decade are mediocre at best

“This time is different” are often called the four most dangerous words in investing.

Less well appreciated, however, is the maxim’s implication for the current bullish narrative on Wall Street.

The stock market currently is more richly valued than at almost any other time in U.S. history,

and on past occasions of similar overvaluation the market proceeded to produce below-average 10-year returns—if not outright losses.

To be bullish in the face of this extreme overvaluation, therefore, the bulls implicitly must believe that “this time is different.”

Mark Hulbert MarketWatch 26 October 2024

Tillbaka till Rolfs länktips 27 November 2024

Englund