Shiller Warns Against Complacency: “Today’s Market Looks Like It Did At The Peaks Before Last 13 Bear Markets”

The US stock market today looks a lot like it did at the peak before all 13 previous price collapses. That doesn’t mean that a bear market is imminent, but it does amount to a stark warning against complacency.
The U. S. stock market today is characterized by a seemingly unusual combination of very high valuations, following a period of strong earnings growth, and very low volatility.
What do these ostensibly conflicting messages imply about the likelihood that the United States is headed toward a bear market in stocks?

This post was published at Zero Hedge on Sep 22, 2017.