Almost any way you measure it, the stock market is as overvalued today as it has ever been.
Clearly, investors are not worried about the potential for inflation to prove problematic for monetary policymakers once again.
Nor are they bothered by the potential that fiscal policymakers could face a more challenging situation in the near future.
In fact, investor sentiment towards the stock market is more euphoric than ever before.
Some of this can be attributed to the election, but history suggests that it may not work out so well.
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