"The S&P 500 closed out a seventh straight monthly gain in August, rising nearly 3% during the month as strong earnings growth, an ongoing economic recovery and a still-accommodative Federal Reserve helped offset fresh concerns over the Delta variant's spread."
"This metric represents a P/E for all the companies in the S&P 500, based on their current stock prices and the previous 10 years of inflation-adjusted earnings. It seeks to "smooth out" short-term fluctuations in earnings and come up with a P/E representative of the true earning power of the companies involved."
"I would argue that this market is, broadly speaking, more expensive than what we saw in the [1999-2000] tech bubble..."The stock market today is so expensive that it almost represents a future disinflationary force. I mean, if stocks were to break lower by 20%, valuations would still look high, even relative to those that have prevailed over the past 25 years."
"Stock market crashes have occurred sufficiently infrequently in history that there is not enough evidence on when they are more likely to occur."
"According to LPL Financial, September has been the worst-performing month for markets, on average, since 1950. The S&P 500 has dropped about 1% on average that month since 1950, LPL Financial data shows. The only other month to notch a drop on average (and a minuscule one at that) going back to 1950 is August."