Stocks Are Expensive. Earnings Growth Means That May Not Matter.
1. S&P 500 up over 13% this year, indicating strong earnings potential. 2. Current valuation near 24 times forward earnings raises concerns. 3. Bifurcation between AI growth and traditional companies could impact SPY. 4. Earnings may exceed expectations, though cautious guidance may affect trading. 5. Historical sustainability of high prices depends on earnings growth.