> How can the whole market be overvalued? Prices are relative, no? Only if you subscribe to the "Greater Fool" theory[0]. On the other hand, if you think the s

> How can the whole market be overvalued? Prices are relative, no? Only if you subscribe to the "Greater Fool" theory[0]. On the other hand, if you think the stock price should reflect some sort of intrinsic value, say the net present value of the stream of all future dividends, then it could be the case that you would never recoup your investment with any stock currently. [0] https://en.wikipedia.org/wiki/Greater_fool_theory https://en.wikipedia.org/wiki/Greater_fool_theory