A Bloomberg interviewer suggested that if you exclude tech stocks the market is only trading at 20x earnings (implying reasonableness), but this is a fallacy because 20x earnings is still 'very rich valuations' and excluding all the overvalued parts does not make the market cheap.
normativepending
Speaker
Michael PentoEvidence Quote
“if you take out the tech stocks... the market's only trading at 20 times earnings. Well, let me see. So, so if you take out everything that's in a bubble, the market's still in a bubble because 20 times earnings is still very rich valuations.”
Created: 8/11/2026, 7:26:40 AM
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