(New York)

There are a lot of anniversaries to pay attention to this month, not least of which is the 10-year anniversary of the Financial Crisis. This has unsurprisingly sparked a whole wave of articles portending the next crisis. However, another kind of anniversary might be even more troublesome—that stocks are now higher priced than in the dotcom era. While the S&P 500’s P/E ratio is still not quite as high as then, rich valuations are more pervasive now, and price to sales valuations are higher, according to one market analyst. Actually, price to sales is the more worrying metric as stocks in the S&P 500 are now trading at 2.7x revenue versus just 1.2x in 2000.

FINSUM: Stocks are very richly valued right now, that is certain. However, that does not, in itself, portend any immediate problem for the market.