Ann: Details regarding 1HY2020 Financial Results, page-6

Valuations are not at all stretched ... The s&p is now made up by market cap weight mostly of high tech stocks growing at high rates, hence high Cape and PE is not stretched. The Bears just don't understand demographics or very long term trends. look at a 50 year chart of s&p and the dot com, gfc and Dec 18 crashes are all in one box that we've finally broken out of. I think we will rally until 2030 at least... similarly, the apt bears have been utterly wrong and unable to value it properly...

Read headlines in 2009 when it was epic buying opportunity and they are very grim.... just like now.