Subject: Re: S&P overvaluation
There is a difference between reading about the 1929 crash and living through it. Likewise any of the significant crashes since then (or before then).

We now have a generation or two of investors who, while they lived through the COVID zig-zag and meme investing, have never felt the bottom falling out of a bull market "for no reason".

I guess they feel "this time it's different" because a "great" businessman is finally running the show instead of mere politicians.

When the music stops, make sure you know where all the chairs are located (hopefully you already have one cheek properly located).

Jeff