Important to note when you hear anyone talking about bubbles today. The last two “bubbles” (housing and internet) featured an S&P500 40% to 50% above its intrinsic value… we are nowhere even close to that today.
“Davidson” submits:
Dallas Fed reports 12mo Trimmed Mean PCE-1.6%. This places the Vaue Index higher at $2,118 vs. SP500 $2,180 (SPY) today.
Inflation is part of the Natural Rate capitalization calculation. Falling inflation results in higher levels for the Value Investor Index and justifies higher market valuations.
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