Happiness is a normal yield curve

JohnMauldin2 2John Mauldin writes that investors should be cautious in the present market. In this article he draws attention to the fact that the S&P 500 cyclically adjusted price-to-earnings (CAPE) valuation has only been higher on one occasion, in the late 1990s. It is currently on par with levels preceding the Great Depression.Other alarm signals are that over the last 10 years, S&P 500 corporations have returned more money to shareholders via share buybacks and dividends than they have earned and that at $8.6 trillion, corporate debt levels are 30% higher today than at their prior peak in September 2008. To read more, click here.