转折临近？鲍威尔称美股“太贵”，多项估值指标发出信号

Core Viewpoint - The article discusses the potential risks associated with high market valuations, particularly in light of recent comments from Federal Reserve Chairman Jerome Powell regarding valuation concerns and the sustainability of AI-related trades [1] Group 1: Market Valuation Indicators - The Cyclically Adjusted Price-to-Earnings (CAPE) ratio has reached a new high since the end of 2021, indicating elevated valuations that could signal potential market corrections [2] - The "Buffett Indicator," which compares the total market capitalization of U.S. stocks to the GDP, shows that the current market valuation is approximately 2.7 times the GDP, a level not seen since March 2001 [3] - The Price-to-Sales (P/S) ratio for the S&P 500 is at a record high of 3.12, suggesting that valuations based on revenue are also at elevated levels [5] Group 2: Market Sentiment and Future Outlook - Despite high valuations, some analysts believe that strong earnings growth could justify these levels, suggesting that high valuations may represent a "new normal" rather than a bubble [6] - The current economic environment features lower debt levels and reduced earnings volatility for large companies, which may support sustained profitability and higher valuations [6]