Average Percentile Rank for U.S. Equity Market Concentration, Valuation, and Magnitude of Rally

U.S. equities are flashing familiar signs: rich valuations, heavy concentration, and outsized recent returns. This is less a signal that a crash is imminent and more a reminder that expectations leave little room for error.

Image: Goldman Sachs Global Investment Research

Average Percentile Rank Since 1925 for U.S. Equity Market Concentration, Valuation, and Magnitude of Rally