The US stock market is almost more overvalued than the dot-com bubble.


Shiller CAPE ratio: 40.
Long-term average: 17.
The only time this ratio was higher in 140 years of history was December 1999. Right before the Nasdaq lost half its value.
And yet money keeps piling in.
The story this time is AI. Not eyeballs. Not pet food delivery. AI.
The technology is real. Nvidia prints money. Microsoft prints money.
But at 40x earnings, the price assumes everything goes perfectly.
It never does.
NVDA-1.5%
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