Why The S&P 500 Is 1,000 Points Too High

For starters, Rosenberg pointed out that only 9% of the time in history have U.S. stocks been so expensive….Then he showed a table with gross domestic product (GDP) growth figures in the last nine bull rallies. This table reveals a dire trend where each subsequent bull rally in the last 70 years generated less GDP growth. Essentially, that means we are paying more for less growth.