Our 30x bubble-P/E threshold did a good job of capturing the most speculative phase of the Technology Bubble, as the S&P 500 traded north of that ceiling from early 1999 until the fall of 2000. That bubble and its aftermath should serve as a reminder that the already tenuous connection between the stock market and the economic cycle can become even more unstable during bubble periods.
Mar
07
2024
The Ghost Of Bubbles Past
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