CNBCさんのインスタグラム写真 - (CNBCInstagram)「U.S. equity valuations have become a “total nightmare” fueled by “young and dumb” investors, according to Cole Smead, president and portfolio manager at Smead Capital Management.⁠ ⁠ At present, investors are paying 22 times forward earnings to purchase stocks on the S&P 500, 50% higher than the 10-year average valuations across the index.⁠ ⁠ “The buying that went on in August and September is a 10-year phenomenon the likes of which we have never seen, among millennials and in the risk-taking among people that don’t want to own bonds and want to own overpriced U.S. quality businesses, it is of record proportions,” Smead said Thursday. “They are buying bullish call options that expire inside two weeks. There was ($500 billion) of bullish call options bought in a four-week stretch by small retail traders.” ⁠ ⁠ “In ’99 it was $100 billion, in ’07, it was $100 billion. That is what young, dumb investors are doing and when the market makers see those (call buying) out there, they sell that call to that person and they buy the stock,” he added.⁠ ⁠ Full story at the link in bio.」10月18日 6時30分