The stock market presently trading at an extremely elevated multiple is not subtle (much less while simultaneously US GDP growth is averaging historic lows, and global growth is just OK). Simply put, stocks have soared without the earnings to support the move, it's overwhelmingly multiple expansion.
It doesn't require a magic 8-ball to be prudent and lighten up after the S&P and Dow have tripled from the bottom in 8 years.
The housing bubble wasn't subtle.
The stock market presently trading at an extremely elevated multiple is not subtle (much less while simultaneously US GDP growth is averaging historic lows, and global growth is just OK). Simply put, stocks have soared without the earnings to support the move, it's overwhelmingly multiple expansion.
It doesn't require a magic 8-ball to be prudent and lighten up after the S&P and Dow have tripled from the bottom in 8 years.