The S&P500 is at a very rich valuation, the 4th highest ever on a CAPE basis including 1929, 1987 2000, and 2007.
Investors have made the best money when the CAPE is 5-7, and had to grow old to get their money back over 20. It's now over 25.
I don't find it attractive at all. Margin lending on Wall St is the highest ever. It'll just take one night's panic and there'll be a bloodbath in the morning...
