Mirror, mirror on the wall, who’s the worst of them all? What’s the best that could happen?

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According to Bank of America’s August 2025 survey, a record 91% of fund managers see US stocks as overvalued, the highest since 2001. Key metrics: Buffett Indicator at 212% of GDP (historical high, significantly overvalued); CAPE ratio ~38 (Dot-Com peak levels), implying overvaluation by 110-180% vs. norms and expected annual returns near 0% or negative.