S&P 500 valuation breadth gives cause for optimism
While the S&P 500 has become increasingly concentrated in terms of earnings and market capitalisation, high valuations have not concentrated in the same way. Instead, there has been broad-based valuation gains across the index. That’s the opposite of what happened, for example, during the latter stages of the “dotcom bubble” and is, to us, another reason to think that valuations aren’t a major cause for concern.
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