The Market’s Wobbly Top

This index, you see, is getting rather high on its own fumes. It’s a bit like a giraffe trying to balance on a beach ball. Its ‘forward price-to-earnings’ – a rather ghastly phrase, isn’t it? – is around 22. Now, over the last thirty years, it’s usually been closer to 17. That’s a hefty premium, that is. The last time it was this inflated, just before the techy-poos had a tumble in 2021. Before that? The late nineties, when everyone went mad for dot-coms. A crash followed, naturally. Greedy sorts, those dot-coms.








