The Last Time Markets Were This Over-Valued, DotComs Crashed & The VIX Complex Collapsed

If you're buying stocks here with both hands and feet, these are the 'facts' you're accepting...

The market has never, ever been more complacent...

Source: CNN

The market has never, ever been more highly priced. The last time that the S&P 500's price-to-sales (far harder to manipulate that P/E) was March 2000 (right before the dotcom collapse) and late Jan 2018 (right before VIXmageddon)...

Source: Bloomberg

Additionally, Enterprise Value-to-EBITDA is near its record highs...

Source: Bloomberg

Additionally, the yield curve trading flatter/below the credit spread of US senior bank debt has not ended well for markets...

Source: Bloomberg

The last time the market was as overbought as this was Feb 2018, right before the VIXmageddon...

Source: Bloomberg

The stock market has never, ever been more decoupled from actual (un-faked) earnings...

Source: Bloomberg

And even Ed Yardeni recognizes the decoupling from top-down macro fundamentals...

Source: Bloomberg

We know why... global central bank liquidity is expanding at a record pace...

Source: Bloomberg

And what happened the last time that The Fed piled billions of special liquidity into the market to support uncertainty (during Y2K)...

Source: Bloomberg

So, do you feel lucky?