阿波罗全球：美股估值接近1880年以来的最高水平

Core Insights - Stock valuations are nearing the highest levels in 145 years, as indicated by Apollo Global Management's data [1] - The cyclically adjusted price-to-earnings ratio (CAPE), or Shiller P/E, provides a more accurate measure of sustainable profitability compared to traditional P/E ratios [1] - Current CAPE readings show that stock valuations are more than double the historical average, suggesting potential for very low or even negative expected annualized returns over the next decade [3] Group 1 - The CAPE ratio smooths business cycle fluctuations by using inflation-adjusted average earnings over the past 10 years [1] - The latest readings indicate that stock valuations are at their highest levels since 1880 [1] - Current valuations are heavily concentrated among a few AI giants, such as Nvidia and Microsoft, raising concerns about potential market corrections if performance growth does not match high P/E ratios [3]