Subject: Re: S&P500 valuations
First of all. . .

Thank you thank you thank you for creating this forum. I am running screaming from TMF's new website & service model. I feel incredibly blessed to have stumbled onto this place.

Second: I have been agreeing with the general thrust of this post for most of the past 20 years. So I've been under-invested in stocks, and emphasized value over growth, much to my detriment.

Yet I can't shake the fundamental conviction that you are absolutely on target. So I continue to follow my asset allocation strategy, underweight stocks (at least I can get some return on bonds now!), and wait for better opportunities. Also, on the bright side, my asset allocation strategy led me to increase my exposure to stocks by 20 percentage points in late 2022. But since this year's rally, I just look and shake my head again.