The third counterintuitive idea: Buying U.S. stocks now being "too expensive" is always both a correct and an incorrect judgment.


In 2015, when the S&P was at 2,000 points, everyone said it was too expensive.
In 2019, at 3,000 points, everyone again said it was too expensive.
In 2024, at 5,000 points, it's still considered too expensive.
Every time someone says "too expensive," looking back, it was the cheapest moment.
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