The US stock market has never been this expensive

Valuations have even exceeded the 2000 Dot-Com Bubble levels

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Global Markets Investor
December 25, 2025

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🔥🔥 GLOBAL MARKETS INVESTOR PORTFOLIO — UP 64% SINCE JANUARY 2024 DURING THE MARCH-APRIL 2025 MARKET TURMOIL, MAJOR US INDEXES FELL NEARLY 20%, WHILE THE GMI PORTFOLIO GAINED OVER 5%, FIND OUT HOW BELOW:

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Currently, a record ~33% of S&P 500 stocks are trading at Price-to-Sales ratios above 10x on a market-cap weighted basis.

This exceeds the 2000 Dot-Com Bubble peak of 30%.

On an equal-weighted basis, ~8% of stocks trade above 10x P/S, the 3rd-highest percentage on record.

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This confirms investors are paying unusually high premiums, especially for mega-cap stocks.

Valuations at these levels leave little room for more than average long-term future returns.

INVESTMENT PORTFOLIO UPDATE (December 4, 2025)

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