8/26 Daily Plan: Investors de-risk ahead of NVDA Earnings

Hi Everyone,

Last week, the S&P 500 (SPX) expanded its forward P/E to the 21-23 region (calculation methodology from Biriyani Associates and Ed Yardeni has some slight variances) after Jackson hole.

The Dot Com bubble peak valuation for SPX was a bit shy of 26, so we are not too far off from the having the most expensive stock market valuation in history…