US equity valuations are currently elevated across major indices, with the S&P 500 trading at a forward 12-month price-to-earnings (P/E) ratio of approximately 22x, surpassing its 20-year median of around 16x. The Nasdaq 100 exhibits an even higher valuation at 27x, while the Russell 2000 stands at 24x. These multiples are above their respective historical averages, with the S&P 500's forward P/E exceeding its five-year average of 19.9 and ten-year average of 18.4. Even the equal-weighted S&P 500 index trades at a lower but still elevated 17x earnings. The world stock market capitalization to global GDP ratio has reached 117%, marking the second-highest level ever recorded and exceeding the peak seen during the 2000 Dot-Com bubble. Additionally, US investors have allocated a record 53% of their financial assets to stocks, surpassing the previous peak of 51% during the Dot-Com era, while cash allocations are at historic lows. These data points indicate that global and US equity markets are priced at levels that reflect optimistic expectations.