"This is a true sign of a dangerous large-cap U.S. stock bubble, since even if we get a swarm of intergalactic visitors who shop at Costco, its annualized profit growth will not come close to ...
"In 1837, 1873, 1929, 1973, 1999, and again in 2024, U.S. stocks reached extremely high valuations relative to their profit growth. Each time this was followed by a loss of more than 80% on average ...