The Problem with High Stock Valuations

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References: https://zbib.org/17df87b9e17b4e6683b67e2a0429192f

I’m noticing investors being worried about stock market valuations. When stock market valuations are higher, expected returns are lower. High valuations are not great for long-term investors. But saying that stock market valuations are high misses a lot of nuance. Which stocks are we talking about, and even more broadly, which markets?
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