For now, many see wider breadth as a healthy sign that the advance is on a solid footing. But, with everything going up, that leaves little value left in the market.
“This breadth of overvaluation certainly helps explain today’s level of despondence among value managers,” Ramsey said. “They’ve suffered through a period of underperformance relative to growth and momentum that rivals the 1990s. But the long period of penance has not rewarded them with any truly cheap pockets of the stock market - like it did in 1999 and 2000.”
This article was provided by Bloomberg News.