Small-cap U.S. stocks are significantly overvalued.
This assertion isn't meant to imply that all small-caps will decline in price. It doesn't necessarily mean your clients should dump small-cap stocks or funds. Certainly, there are some great small-cap companies in the U.S. that will make investors rich in the future.
But it does mean – there is a lot of distracting "noise" in the air about equity valuations.
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