The S&P 500 is up more than 21.5% year-to-date and over 33.3% over the past 12 months, adding $13 trillion to its market capitalization since October 2023.
Kobeissi Letter highlighted the index's growth as remarkable, recording its biggest gain since 1997, despite geopolitical tensions and fears of a financial crisis.
The index has nearly doubled last year's 11.7% gain and is off to the best start to a presidential election year in history.
Last week, the S&P 500 hit its 43rd record high, its best streak since 2021.
Investor sentiment is shifting to safe-haven assets like gold, with gold ETFs receiving $3.3 billion in inflows since August.
The Buffett Index, which measures overall stock market capitalization relative to GDP, has reached 200%, far above its historical normal of about 70%. However, the index has not always accurately predicted recessions.
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