Since 2007, investors have dumped $500 billion worth of U.S. stock funds and poured more than $1 trillion into bond funds even as rates have plummeted and the Standard & Poor’s 500 index has doubled. That has led to much speculation about a “bond bubble.”
If there is one, it hasn’t burst yet; in fact, it just keeps getting bigger and bigger, driving my candidates for the three most overvalued asset classes to even more stratospheric levels.
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