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To Be, Or Not To Be? TBL Weekly #153

Augustine Carrasco

Aug 15

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Dear Readers,

Before we get into it, let’s take a look at a chart:

Notice anything special about it? To state the obvious, the average yield on the S&P 500 is near all-time lows, which is just another way of saying that equities are at an all-time high. Dividend yields have simply not kept up with stock market gains.

Let’s look at another chart:

The S&P 500’s current price-to-earnings ratio lies more than two standard deviations away from its historical average.

What’s our point? Well, as you remember, prior to the Liberation Day-induced stock market correction this year…

…there was a lot of talk from bears about the stock market and risk assets being in a bubble, to which bulls responded with the US economy’s expected resilience during these unprecedented Roaring 2020s.

Now that the stock market is reaching new highs, we’re back to the same question: to bull or not to bull.

Over 10,000 investors downloaded the original report calling for $120k when bitcoin was just $27k. With that price level now achieved, Tuur is back with the 2025 edition refreshed for the bull run with new data and insights—including Adamant Research’s latest price outlook.

The bull run is heating up—now is the time to take it seriously.

You’ll also get exclusive access to an HD recording of Tuur Demeester’s new 30-minute video presentation, Charting Our Way Through Chaos, breaking down why this boom might be only just beginning—and what forces could push it to the next level.

Read the first-ever mid-cycle report from Adamant Research:

Go to report

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Where do current expectations lie?

Consumer surveys are used by the Fed to derive a mean probability for where stocks will be a year from now:...

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