JEPI - Bubble Talk No Big Market Top Yet Economic Recovery Intact - Market Strategy Weekly - January 29 2021

• As we talk to investors, the number one question is "Are we in a bubble?" We understand the sentiment, particularly as stock prices march higher despite the frustrating persistence of the virus.
• Despite recent price weakness in certain sectors (e.g., Banks), we are encouraged by the limited signs of credit stress across the market.
• Though traditional valuation metrics look extended, the possibility of speculative excess can persist for longer than might seem appropriate.

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