The 2017/18 melt-up: Then and now

Mid-week market update: The stock market is over-extended. I warned on the weekend about the market's nosebleed valuation (see Priced for perfection). The market's forward P/E ratio of 18.4 matched the levels last seen at the 2017/18 market melt-up.

But there are some crucial differences between the last melt-up episode and the one today.

The full post can be found here.