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No matter where you turn, everyone is predicting the next market top. So-called ‘experts’, CNBC, cab drivers and the list goes on. Particularly, when watching pundits who report on market conditions, you hear the banal repetition of “we’ve run too far, too fast” and “valuations are too high” or the ever popular, “rising interest rates will end the equity party”. When it comes to gaining listeners and selling advertising, the media knows that fear sells. As an investor, you must have a healthy skepticism, because occasionally, some good information can be gleaned from the media. Nevertheless, their job is making money for the networks at your expense. Suppose we remove the noise (media) and consider what the market is saying; interest rates relative to stock prices and what indications (if any) alert us to a market top.
