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“Whenever there is an immediate drawdown in equities, retail comes in immediately to buy the dip. People default to ETFs as a way to buy the dip. And recently retail has been buying more ETFs than any other segment of the equity population.” ft.com/content/796b4c…

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%.

#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).

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

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 The Leuthold Group