Chart of the Day (maybe the year)

Of all the charts that would trouble the thoughtful investor, this one might take the cake:

S&P 500 Profit Margins (yellow line), vs the S&P 500 Index itself (white):

That’s hugely troubling, despite what history might say about it.

Well, now that I’ve mentioned it, what does history say about it?

Here’s virtually the same setup late-2007:

Didn’t end well:

Here it is in late-summer 2000:

Didn’t end well:

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