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The S&P 500 is expensive on 19 out of 20 metrics, according to the BofA analysis.
Some metrics such as the Buffett Indicator (Market Cap to GDP ratio) are over 100% above historical averages. Source. Global Markets Investor
With deepSeek and tariffs, we almost forgot that we are in the middle of the earnings season.
FactSet notes that beats are being rewarded above average and misses are being punished around average.
The S&P 500 reached a record $54.3 trillion in market cap last week, adding $1.1 trillion in 1 week.
Since the August low, the index's market cap is up a massive $8.5 trillion. Furthermore, the index has added $12.4 trillion in value since the beginning of 2024. The S&P 500 has added 78% of Europe's market cap and DOUBLE the size of the Japanese market in 1 year. As a result, the US market cap to GDP ratio has reached an all-time high of 209%. Source: The Kobeissi Letter
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