S&P 500 Valuation at Dot-Com Levels

CAPE ratio has hit levels not seen since the dot-com bubble. However, today's high-profit Mag 7 vs dot-com's no-revenue companies suggests the market is concentrated and expensive but not necessarily a bubble. UBS sees strong EPS growth supporting further gains, but discipline remains key for long-term investors. A recent article highlighted that Alphabet and Amazon's apparent cheapness is skewed by one-time gains, reinforcing the need for careful valuation analysis.