Ryan Sean Adams

When you look at this, you have to come away with a conclusion, which is stocks aren't cheap right now.

Can you say that?

How about revenue growth forecast?

That's another dimension of this.

Yeah.

The big narrative is that in 1999, we had a bunch of fluff, unprofitable companies, pets.com, no business model substance.

You just had to launch a .com and then you could raise billions of dollars, but there was no revenue growth underlying it really, and certainly no earnings growth.

underlying it.

Now this time it's different.

There is earnings growth.

We're seeing this in earnings growth forecasts and the current reporting from equity companies.

So this time is different from that perspective.

That's the narrative.

I think that's a really subtle point and a really important point as we look at these markets.

Let's grab some more data though.

before we come to some conclusions here.

So here's a chart of forward PE ratios.

There's another chart of S&P 500 forward profit margins.

What are these data sets adding to our story?

So this is a breakdown of forward PE ratios again and showing there's these vertical bands, I guess, indicating down markets, bear markets, maybe recessions.