@thebradfordfile Arrests being made on right side of split-screen, left side interview with Zexi Li on CBC News

@hkuppy

S&P 500's June 2021 peak PE at 30.8 (99th %tile, below Dec 1999's 35.8 an all time record which would put $SPX +5000) such high #valuation corresponds to poor long term returns - a slightly negative 10 year annualized total return! chart via @LeutholdGroup

Jeremy Grantham of GMO recently spoke with @johnauthers on the same topic with less equivocation: "The last 12 months have been a classic finale to an 11-year bull market"

NFIB small business #sentiment 99.6 - notice the response regarding expectations of the economy improving in the lower panel

"The Cleveland Fed model’s r-squared [based on monthly data back to 2003] was highest at 23%, followed by the University of Michigan consumer survey at 20%, and the five-year breakeven inflation rate at 0%."

#Bitcoin, devoid of any fundamentals & inherent value, is as pure a manifestation of the aggregate financial id as we'll ever encounter: chart of Goldman Sachs Risk Appetite metric compared to the price of Bitcoin (YoY).

@f_helou @EconguyRosie You're right, the point Rosenberg is making is that consensus is at an extreme level of crowding and that does typically suggest a contrarian response.

GMO cautions re #valuation by comparing EPS vs prices for 1990's market and today's EPS forecasts are 2-year forecasts. In the first chart, EPS forecasts grew at an annualized rate of 11.1%; in the second chart, EPS forecasts grew at an annualized rate of 6.4%.

Investors Intelligence weekly #sentiment survey of newsletters shows little change: bulls 54.5% (up by almost 0.9% pts from last wk) bears 16.2% (slight decline of 0.3% pts) correction 29.3% chart via @WillieDelwiche