This bull market has no support — this time isn’t different

The stock market is more overvalued than at almost any time in U.S. history — by virtually every measure.

The fact that corporate profits are strong and growing doesn’t mean the stock market isn’t in a bubble. 

That’s worth emphasizing because many of Wall Street’s cheerleaders are arguing we can’t be in a bubble if corporations are as profitable as they are. 

The same message is being told by virtually all valuation measures with statistically significant track records when forecasting the stock market’s future returns. 

The bulls have no real support for this bull market other than “this time is different.” 

Those are the four most dangerous words on Wall Street.

Mark Hulbert MarketWatch 27 October 2025

https://www.marketwatch.com/story/the-stock-market-is-more-overvalued-than-at-almost-any-time-in-u-s-history-by-virtually-any-measure-2291e264 


Margin debt is at a record high $1.13 trillion

1.130 miljarder dollar, typ 10.000 miljarder kronor.

https://englundmacro.blogspot.com/2025/10/margin-debt-is-at-record-high-113.html


Things might be different this time; mitt senaste storverk

The fiscal scale of Bidenomics is larger than Roosevelt’s New Deal in the 1930s. It is larger than Johnson’s guns and butter in the 1960s, or Reagan’s military rearmament in the 1980s. 

We are witnessing an extraordinary experiment in US economic policy.

https://englundmacro.blogspot.com/2025/10/things-might-be-different-this-time.html


A bubble is hard to identify before it bursts, but bubblelike behavior isn’t.

Are We in a Financial Bubble? 

While there is ample reason to believe that AI-driven investments are in bubble territory, the real question is when – and how – the end might come.

https://englundmacro.blogspot.com/2025/10/greg-ip-bubble-is-hard-to-identify.html






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