The US stock market today is in la-la land.
Markets driven by euphoria never end well
Record Overvalued US Stock Market
The US stock market is absurdly overvalued. In Crescat's analysis, the gap between current prices and discounted present value of likely future cash flows is the highest ever.
Speculation is rampant and being championed by a bold new breed of Millennial day-traders. The mania is based on a widespread hope in Fed money printing.
The catalysts for reckoning are numerous as a major cyclical economic downturn has only just begun.
With too many afraid to tread there, the potential reward-to-risk trade-off from shorting stocks is worthy of a significant allocation today.
US Imbalances
Aggregate enterprise value to EBITDA for the S&P 500 has never been higher.
The set-up reminds about the early February, when stocks were also grossly misaligned with economic reality.
We could see another reckoning moment which will mark the second leg of the bear market.
Credits: crescat.net/crescat-turns-activist-on-gold/
Record Overvalued US Stock Market
The US stock market is absurdly overvalued. In Crescat's analysis, the gap between current prices and discounted present value of likely future cash flows is the highest ever.
Speculation is rampant and being championed by a bold new breed of Millennial day-traders. The mania is based on a widespread hope in Fed money printing.
The catalysts for reckoning are numerous as a major cyclical economic downturn has only just begun.
With too many afraid to tread there, the potential reward-to-risk trade-off from shorting stocks is worthy of a significant allocation today.
US Imbalances
Aggregate enterprise value to EBITDA for the S&P 500 has never been higher.
The set-up reminds about the early February, when stocks were also grossly misaligned with economic reality.
We could see another reckoning moment which will mark the second leg of the bear market.
Credits: crescat.net/crescat-turns-activist-on-gold/
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