A General Observation, from Alston Mabry
A general observation: Reading various market analyses, it seems the modal form now is this:
(1) The market is over-valued versus some metric such as CAPE.
(2) Therefore, the market is going to crash.
As opposed to:
(1) The market is over-valued versus some metric such as CAPE.
(2) Therefore, it's reasonable to expect below-average returns going forward for some time period.
We seem to be very "crash sensitive".