Marc is not wrong, he is early and we are working under the conditions where a bubble can be expanded much further than most “rational” people would believe. That is the environment today.
With that in mind, think about it in the following fashion. Should the S&P correct just 30% here, something that wouldn’t even bring today’s valuations back to their historical norms, it would wipe out the last 4 years of capital gains. Pardon me, the first time the S&P saw the 1,400 level was in 1999. So, it would wipe out 16 years of market progress. It all depends on your perspective.
