The US Stock Market has Never been this Expensive - Ferenc Shares Special 250th Independence Day Message!

Jun 29, 2026

The US Equity Market Valuation has hit the highest level ever recorded!

This combined metric includes P/E, Forward P/E, Shiller P/E, EV/EBITDA, Price-to-Book, Price-to-Sales, Q Ratio, Return on Equity (RoE), and the Warren Buffett Indicator. 

The US Equity Market Valuation metric has hit the 80% percentile 5 times since 1900. Each time this happened previously, US stock performance suffered underperformance for years.

Warren Buffet quotes:

- 1999: "Euphoria is the enemy." Dot-com crash followed. NASDAQ dropped over 70%.

- 2026: "Worse than 1999." Same warning, different year. What happens next?

Ferenc also shares a very special and personal 250th Independence Day message!