The chart below highlights a remarkable development: by several widely followed valuation measures, U.S. equities are now trading at their richest levels in more than a century—even exceeding the peaks reached during 1929 and the…

This has happened only two times in history—during the final phase of the dot-com bubble and today. The statement refers to the CAPE Ratio (Cyclically Adjusted Price-to-Earnings Ratio) crossing the 40 mark, or to extreme…

Semiconductors are ripping, hedge funds remain all-in on AI, tech volatility is behaving in ways we rarely see, and the 1997 analogy continues to track with uncanny precision. Whether this is the start of something…

Friday’s CPI report showed inflation running at 4.2%, the highest level in more than three years. Producer prices were even hotter, with PPI rising 6.5%, the strongest reading since late 2022. These reports do not…

The recent market decline appears to be more than a routine technology correction. Market leadership is narrowing, volatility is rising, consumer conditions are softening, and credit markets are beginning to question the economic returns on…

Quoth the Raven: One of the most important developments investors may be overlooking is not occurring in the stock market—it is occurring in the credit markets. For much of the AI boom, capital appeared unlimited….

Today’s reversal may ultimately prove to be just another volatile session in an ongoing bull market. But investors would be making a mistake if they dismissed it outright. Markets rarely peak because of a single…

“Bear market signposts have risen to 70%, matching the average level seen at prior market peaks.” — Bank of America Before Friday’s selloff, investors were aggressively chasing upside, paying more for calls than puts—a classic…

So just after last Friday’s bloodbath, Wall Street’s talking heads are already hard at work inventing a new explanation for the sell-off. We are now supposed to believe that last week’s decline was nothing more…

Having spent decades in the investment business, I have learned that markets can ignore problems for far longer than most investors expect. What concerns me today is not simply the size of the national debt,…