S&P 500 Nears Record Highs Again But Gains More Moderate Than Previous Bubbles
• S&P 500 has risen only 31% over past 3 years - much less than the 100%+ gains preceding previous bubbles
• Current valuations are high, but not as extreme as dot-com bubble peak
• Market advance has been heavily concentrated in a handful of megacap tech stocks
• After 2022 pullback, valuations and sentiment look less concerning
• S&P 500 and Nasdaq near record highs again after strong 2023 gains