The US stock market is overvalued by historical standards, but that doesn't mean a crash is coming. Expect normal pullbacks: about 10% in a typical year, 20-25% over five years. These are already factored into risk calculations.
Is the US historically overvalued and overvalued relative to other geographies? Yes. Does that necessarily mean that it's going to fall? No. Does it mean there's an increased probability that it might have falls? Possibly. But those falls anyway are factored in because they happen statistically on average every year. In any event, um, a typical year you'll easily get a 10% drop on, let's say, the S&P 500. On every 5 years, you'll get a 20-25% drop. It's already baked in to our calculations. We don't need to panic.
