In The Financial Times this week, Ruchir Sharma (chair of Rockefeller International) argues that “America is over-owned, overvalued and overhyped to a degree never seen before.”

Warren Pies points out that, “Wall Street strategists spent 2024 with targets well below the S&P 500 . Next year, though, strategists are poised to lift their 2025 targets by 20% (vs 2024 marks) and 11% above the spot S&P 500 (~6,700). This is the largest surge in strategist optimism on record.”

However, as Forbes reports, the “animal spirits” in the land of meme coins, where 13 million new coins have been minted so far this year, make the bullish optimism of those strategists look tame in comparison.

Mark Hulbert notes that the Value Line Median Appreciation Potential (VLMAP) has now reached an extreme that has been associated with relatively poor equity returns over the following 1-5 years.