>>20881106I'm no bear, but if Michael Green is right, the S&P 500 is a giant bubble perpetually inflated by automatic 401k contributions and the entire world basically using it as a savings account. We all know the US market is crazy expensive and people come up with narratives to explain it, the latest narrative is AI, and before it was "tech", and before it was the internet.
Michael Green's theory is once Gen X'ers and boomers start to become net sellers at crazy high prices, there'll be a dynamic similar to a bank run where Vanguard and Blackrock have to sell gigantic positions to meet withdrawals, and there won't be enough liquidity. IIRC 40% of the market is "passive" right now.
The smartest move is to play buy diversify. I don't bet entirely on the US stock market.
