Aggregate enterprise value to EBITDA for the S&P 500 has never been higher. Markets are being driven by an euphoric false narrative of excess liquidity.

June 20, 2020, 9:53 PM by Alex Mark

In contrast with all these underlying issues, equity valuations are at record silly levels.
Aggregate enterprise value to EBITDA for the S&P 500 has never been higher.
Markets are being driven by an euphoric false narrative of excess liquidity. pic.twitter.com/cdDeZFpoe3
— Otavio (Tavi) Costa (@TaviCosta) June 21, 2020

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