S&P 500 is easily overvalued.But then again so's the whole stock market, and it has been for most of history.That hasn't stopped the market from making money in the past. Maybe it will in the future as well.I'm not going to put all my eggs in one basket (bonds may beat stocks in the long term going forward, so I have some bonds) but since stocks seem to be the best inflation hedge of all, I want to at least have some of my investments in stocks, even though I think they are overvalued.I'd place my bet on "fool effect", but extend it to all the "newbie-friendly" investment advisors. The Fool is not the loudest or largest proponent of VFINX. Listening to such advice, the great ignorant masses have merely replaced one kind of ignorance ("do whatever the broker says") with another ("even if you don't understand stocks, just buy S&P 500 and your future is assured").
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