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Can companies’ “intangible assets” rescue the stock market from being extremely overvalued?
I’m referring to a valuation gauge known as the price-to-book ratio. As you might recall from my previous reviews of the eight valuation indicators with the best long-term records, the S&P 500’s SPX price-to-book ratio currently is higher — and therefore more bearish — than at almost any other time in recent decades.
As…
