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Starting 2021 at record highs on some sentiment/valuation indicators

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S&P 500 price-to-earnings (P/E) and price-to-sales (P/S) are at record highs. NDR institutional grade database stocks also have median P/E at a record high of 39.6 times earnings - almost double the norm since 1980. Margin debt and passive equity inflows also at a record in November.

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