Subject: Nikkei Hits Record High!
The Nikkei 225 is back at levels not reached since 1989.*

The 34 years it has taken to regain its footing is a record, too, for a major market and is a decade longer than Wall Street took to recoup losses from the 1929 crash.

Back in the 1980s, Japanese companies were on top of the world - according to Reuters data, representing 45% of global stock market value at their peak, versus just 6% now.

Kinda what you would have expected from those valuation levels? (45X Earnings! US Market Currently 27X.)

Higher valuations = lower future returns, it's basic math.

How lucky we are that this could never happen here! ;)

Cheers!

Of course still far short of the inflation adjusted level of 1989.*


https://www.reuters.com/market...