More of the same here - Wall St optimism heading into 2021 means the S&P500 trades on a trailing PE of > 25X (Exhibit 10), a level only exceeded in 1921 and 1999. The capitulation of consensus to “don’t fight the Fed”, front-running MMT, secular tech-led productivity…many catalysts exist for more years of big equity gains…but an old-fashioned bubble remains most plausible catalyst. https://cms.zerohedge.com/s3/files/inline-images/bofa%2010.jpg?itok=LIpRQ_pF Source here - https://www.zerohedge.com/markets/2020-12-stunning-charts