In the dot-com cycle, small-cap value stocks were extremely cheap even while the broad index appeared extremely expensive because valuations were heavily skewed toward unprofitable tech companies, and today most stocks (including small caps) are more richly valued than in 1999-2000.
factualpending
Speaker
Michael GreenEvidence Quote
“on a forward PE basis you know we're looking at an S&P that is now actually more richly priced than during the dotc cycle the PE ratios and the do com cycle were a reflection that you had so many unprofitable companies and you were basically putting multiples on their Capital which then looked like the index as a whole was priced extremely richly but you actually had a ton of companies that were very very cheap”
Source
Where Will Stocks Go Under Trump? Watch Passive Capital Flows | Mike Green— Adam Taggart | Thoughtful Money®Created: 8/11/2026, 7:50:31 AM
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