Fun with Permabulls

Some Stock Markets Are More Equal Than Others: Global Performance Since 2009 | ZeroHedge.

Permabulls love to say that the S&P is still undervalued, so it has room to move up. I say undervalued by what metric. Check out this chart:

American equities are currently valued at more than twice book value, which makes it the priciest major market in the world. When the Fed juice stops working, there are going to be a lot of pissed off investors.



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