OT Overall markets: market getting creepy to anyone else?
I look at the stuff in my portfolio and it feels like it's lower quality and more expensive valuation-wise than it's almost ever been (Nov 2022 was comparable in some ways). I'm sitting on a lot of cash (not as much as SSKILLZ mind you, but it's a lot) and I know researcher and others have highlighted all the low PE stuff out there that should be attractive from a valuation perspective. And to be clear, I'm still quite long overall and riding this crap up.
However, hard to not think about:
-Shiller PE of SP500 sitting at highest level since 1999/2000 (which was the highest ever)
-PE of SP500 sitting at ~31, which usually isn't this high outside of recessions
-SP500 dividend yield at a near record low
-stock market heavily weighted in a small number of stocks (primarily big tech, yes it's been like this forever, but makes you wonder)
I know these aren't new concerns, but it really feels like markets are pushing the envelope here. The "new paradigm" phase of a bull market comes to mind.
The best justification I have for these valuations to continue is that the stock market has become a key medium for gambling/casino types which has altered the median PE/valuation of all stocks compared to historical values. Access to trading/stocks has certainly increased over time. Not sure I buy my own crap there though.
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