(https://www.cnbc.com/2026/06/26/jeremy-grantham-says-this-is-the-most-expensive-market-in-american-history.html) "most expensive market in American history" thesis is doing real damage to the conversation because it *sounds* universal but it's actually indicting a narrow slice: the AI mega-cap complex. Strip out NVDA's 507x IC multiple, MSFT's 30+ forward P/E on AI revenue that doesn't exist yet, and TSLA trading on perpetual margin expansion, and the S&P looks… reasonable.

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