Wall Street has a habit of partying hard right before the crash. Recent weeks felt like a 1990s déjà vu with indexes at record highs, valuations stretched beyond reason, and a handful of mega caps holding everything together. Investors talked about a "new era," but history's warning lights are flashing red.
From Robert Shiller's century-old valuation metric to Warren Buffett's favorite market-to-GDP gauge, the verdict is the same. Grayhair's indicators are showing that this is one of the most expensive markets in history. AI hype brought a fresh punch bowl at the party, but the boom depends on an energy grid that's already buckling.
