Stock market ‘priced for perfection’: Vanguard top exec on potential downturn
The S&P 500’s price-to-sales ratio hit an all-time high of 3.3 in September, meaning that investors’ enthusiasm for companies is outpacing that of their customers. That metric topped out around 2 during the dot-com boom, and at just over 3 during the pandemic’s frothy markets and muted economy. It’s not just AI hype: As Bloomberg…