What do you think about arguments that economic indicators other than the stock market show a strong economy?

The stock market is showing that the economy is strong. The average P/E (valuation metric) is still way above average and the Earnings are expected to grow. The only change you have seen is the amount someone is willing to pay for future earnings. That amount has declined a little because now, unlike before, you can buy a bond and collect yield.

Had you invested at fair value in companies that are growing, you would be up.

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