Scary Charts

I’ve seen the first chart various places (NDR, etc) and it details the median price/sales for the S&P 500 members.  You can argue perhaps why it is this way, but you can’t argue that it is at an all time high.

I’ve also seen a variant of chart two various places (me, Montier), and it basically shows the higher the valuation, the lower the future returns and more importantly, the bigger the future drawdowns.

Just charts, no downloads