Recent analyses reveal that the U.S. stock market is experiencing unprecedented valuation levels, with the Nasdaq market capitalization relative to U.S. GDP reaching a record 103%. This ratio has doubled over the past five years and surpasses the 2000 Dot-Com Bubble by approximately 40 percentage points. The overall U.S. stock market capitalization to GDP is also near a record high of 207%. Furthermore, a record 89% of fund managers surveyed by Bank of America believe U.S. stocks are overvalued, despite being fully invested in equities. The S&P 500 is deemed expensive on 19 out of 20 metrics, and its price-to-book ratio has exceeded the peak levels seen during the Dot-Com Bubble, currently at about 5.3x. Additionally, U.S. equity mutual funds have reported a record low cash ratio of 1.3% of total assets, indicating limited liquidity for further investments. This trend is compounded by the fact that U.S. equities now account for over 70% of the developed world’s market capitalization, a significant increase from approximately 40% in 2008, while European market share has fallen below 20%. These developments highlight a concentrated risk in the U.S. market as global investors heavily favor U.S. stocks over international options.