Scott Galloway

The Shiller PE ratio, which is the cyclically adjusted price-to-earnings ratio of the S&P 500, is now up to 42 times earnings.

That is the second highest reading ever.

The only time it was higher was in, you guessed it, 1999, when it hit 44 times earnings, which is, of course, not that much higher.

Now, you might remember,

Last fall, there was a lot of talk about a stock market bubble, and you might remember what we said about it.

We acknowledged that, yes, the market was frothy, but it wasn't anywhere close to dot-com levels of frothiness.

And for that reason, we were hesitant to call it a bubble.

Well, that argument can no longer really be made.

We are now almost exactly in dot-com level territory.

That's not an opinion.

That is just a fact.

Now, does that mean every stock is about to crash?

No.

In fact, I'd argue there are plenty of stocks that look relatively cheap right now.

Microsoft would be one of them, in my view.

So would Meta.

But it does mean that in certain areas of the market, we are certainly due relatively

for a correction.

Ground zero would be space, or more specifically, SpaceX.

But for now, spirits are high and FOMO is very strong.