TechFlow reported on December 6 that Bank of America strategist Michael Hartnett said the strong rebound in U.S. stocks and cryptocurrencies has made these asset classes appear bubbly. According to data compiled by institutions, the S&P 500's price-to-book ratio surged to 5.3 times in 2024, nearing the peak of 5.5 times reached in March 2000 during the tech bubble.
Hartnett noted that if the S&P 500 approaches 6,666 points—about 10% higher than current levels—the risk of an "overshoot" would be high at the beginning of 2025. The bank's bull-and-bear indicator has not yet shown signs of investor euphoria globally. (Jinshi)
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