The Most Dangerous Game

It is an observation that I have been hearing frequently in recent years when it comes to investing in the U.S. stock market. What is it? Put simply, fundamentals no longer matter, and valuation is no longer a primary concern when making investment decisions. Simply scour the 52-week high list, identify those securities in a sustained uptrend, and ride the wave in stock prices higher valuations be damned. But only if it were that simple, for many investors are unwittingly playing a most dangerous game in today’s financial markets.

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