The stock market is in a massive bubble.

This is not up for debate. The median Price to Sales ratio on S&P 500 companies is over two. That doesn’t sound like a lot until you consider that during the Tech Bubble it didn’t clear 1.6 and during the Housing Bubble it never cleared 1.75.

Put another way, the market has NEVER been more expensive relative to the money corporations receive in sales.

See for yourself (h/t JP Compson)

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The bulls will argue that based P/E ratios, stocks aren’t that expensive.


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Earnings are a complete fiction. Corporations are using accounting gimmicks to juice them. Earnings that using Generally Accepted Accounting Principles (GAAP) are at levels not seen since 2012.

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Phoenix Capital Research