Stocks are in a risk-off mood six trading days into the New Year for a multitude of reasons, prompting one veteran strategist to issue a blunt warning to over-enthused investors.
“We have never seen equities priced quite this high. The adjusted price to earnings ratio is pushing up against 40 times. The last time we saw that was in 1999. But if you look at price to sales ratios, that’s over three times — that’s higher than what we saw in the dot com bubble,” said Tematica Research chief…
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