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Forward price/sales ratios for sectors that house 5 largest stocks in S&P 500 remain quite stretched relative to history, with Tech’s at new all-time high

00:01 - 15/12/21

Real earnings yield for the S&P 500 Index hasn’t been so deep into negative territory since 1947, and this portends downside risks for stocks, acc to BoA. There have been only 4 historical instances of neg real earnings yield, all of which resulted in bear markets. (BBG)

At the end of the day, the price you pay is the value you get (h/t Warren Buffett) The real earnings yield (inflation-adjusted inverse of P/E ratio) is extremely negative. 2000 and 2008 are worth noting

Japanese investors buying crazy amount of foreign stocks. These guys bought the dip