I don't claim to be especially "savvy"-- but with more than a third of the market value held "passively" (meaning investors in indexed funds), a lot of people h

I don't claim to be especially "savvy"-- but with more than a third of the market value held "passively" (meaning investors in indexed funds), a lot of people have traded voting with their feet for a sense of security. Thus, there isn't actually a lot of pressure in the stock market reservoir to bubble back up to the Beltway. After reading yesterday's HN topic: http://www.marketwatch.com/story/us-stock-valuations-havent-been-this-extreme-since-1929-and-2000-2017-08-22 http://www.marketwatch.com/story/us-stock-valuations-havent-... and the accompanying paper from Grantham, Mayo & van Oterloo: https://www.gmo.com/docs/default-source/research-and-commentary/strategies/asset-allocation/the-s-p-500-just-say-no.pdf https://www.gmo.com/docs/default-source/research-and-comment... ...my pithy summary would be "Winter is coming."