Most overvalued in dataset
Every major market valuation metric tracked by Advisor Perspectives is simultaneously at its most overvalued level in the entire historical dataset.
Snapshot · Excess Returns
The $2 Trillion Question | Tobias Carlisle on SpaceX, the AI Buildout, and the Rotation No One Sees
Explore episode
Jun 20, 2026
Where this was said
What extreme market valuations say about future returns
At 4:24 · chapter starts 4:00
Carlisle reviews 6-7 valuation metrics all at historic extremes. Overvaluation signals lower forward returns, not an immediate exit — the real opportunity is in cheap pockets like small and micro value. [1] — Tobias Carlisle "Most overvalued in dataset: Every major market valuation metric tracked by Advisor Perspectives is simultaneously at its most overvalued le…" 04:24
Market Valuations Are at Their Most Extreme Ever — What That Actually Means
Every major market valuation metric is simultaneously at its most overvalued in the historical dataset — but that doesn't mean you should exit the market. Overvaluation signals lower forward returns and volatility, not an immediate crash. The real opportunity is in the parts of the market that haven't been bid up.
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