Does Stock Market Valuation Matter Anymore?

The Answer May Surprise You.

Photo by Yiorgos Ntrahas on Unsplash

Stock market behaviour has regularly driven the valuation levels to both high and low extremes that suggest that focusing on valuation levels is not an optimal investment strategy. How often have we seen strong bull markets reward the purchase of objectively overpriced equities or seen bear markets punish buying demonstrably inexpensive…