![](\"https:\/\/mcusercontent.com\/a4246d11f2e2f33deafaefe7d\/images\/b8b6760b-4012-d3e5-7b4c-d7f10207cb01.png\")
<\/p>\nAugust 23, 2021, the S&P 500 approaches 4500 points, its highest historical level.
\nIn August 2020, after the rebound of the health crisis, it was 3350 points: +34% in 1 year.
\nIn August 2016, it was 2175 points: x2 in 5 years.
\nIn August 2011, it was 1130 points: x4 in 10 years.<\/p>\n
The Shiller PE, a metric we told you about a few weeks ago (inflation-adjusted market capitalization divided by 10-year average net income), is getting dangerously close to 40.0x. This is a threshold that has never been exceeded before, except in the midst of the 2000 bubble. This means that valuation levels are at their highest level in over 20 years.<\/p>\n
<\/p>\n
What I've been learning about skiing in Chamonix since I was born there is that the higher you go, the more you have to think about your ability to get back down. Clearly, you either know how to ski steep terrain or you can turn around.<\/p>\n
At Monocle, we watch the market climb, and we keep a paraglider in the backpack!<\/p>\n
Have a great week,<\/p>\n
Pierre<\/p>","protected":false},"excerpt":{"rendered":"
23 ao\u00fbt 2021, le S&P 500 approche les 4500 points, son plus haut historique. En ao\u00fbt 2020, apr\u00e8s le rebond de la crise sanitaire, c\u2019\u00e9tait 3350 points\u00a0: +34%…<\/p>","protected":false},"author":8,"featured_media":2879,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-le-billet-de-monocle"],"acf":[],"yoast_head":"\n