No one knows. There are many reasons why “this time, it’s different.” Our playbooks are based on very small datasets. Every time I hear someone say: “the Schill

No one knows. There are many reasons why “this time, it’s different.” Our playbooks are based on very small datasets. Every time I hear someone say: “the Schiller P/E ratio has only been this high once, and here’s what always happened after”, I think, we’ve got a sample size of what? Maybe 100 years worth of decent stock market data? There’s nothing that says this will end the way it did at other points in an incomplete and small dataset. So, with that caveat, I don’t think it’s different this time. I think there’s a deflationary bust near term. Probably inflation hits hard afterwards. When the market gives off the kinds of signals it’s currently giving off, I think it’s reasonable to cash up.