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#9: Mark Yusko on Gut Instinct (and Why His Says We're Headed for a Crash)
Superinvestors and the Art of Worldly Wisdom
The Second Highest Valuation in History
We're at the second highest valuation in history. Earnings of the S&P are the same as they were in 2012. Yet we're up almost 100%, only because the multiple has nearly doubled. We're paying more for dollar earnings, and people justify that because interest rates are low. But my biggest issue is that just like in 1929, when Herbert Hoover was elected with no experience after William Henry Taft, which didn't work out so well.
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