Valuation reality check: $SPX now expensive on 17 out of 20 metrics — and this is the fifth straight month at that level.
This isn't about predicting crashes. It's about understanding what you're paying. When nearly every valuation measure flags overvaluation simultaneously, forward returns compress. History is clear on this.
Expensive markets can get more expensive. But they rarely stay expensive forever. The math eventually matters.
Price is what you pay. Value is what you get. Right now, there's a widening gap.
This isn't about predicting crashes. It's about understanding what you're paying. When nearly every valuation measure flags overvaluation simultaneously, forward returns compress. History is clear on this.
Expensive markets can get more expensive. But they rarely stay expensive forever. The math eventually matters.
Price is what you pay. Value is what you get. Right now, there's a widening gap.