The cyclically-adjusted P/E ratio for the US MSCI Growth Index hit a RECORD ~74x.

This measures how much investors are paying per Dollar of average earnings over the last 10 years, adjusted for inflation.

This is WELL ABOVE the 2000 Dot-Com Bubble peak of ~70x.

The LT average from 1985 to 2015 was ~30x, meaning current valuations are 2.5 TIMES the norm.

This is UNCHARTED territory, and history suggests such valuations do not end well.