https://www.marketwatch.com/story/the-flight-to-safety-in-turbulent-times-2020-02-27?mod=investingThe Flight To Safety In Turbulent Times
While the fourth quarter of 2018 saw stocks wobble, risky assets have performed exceptionally well over the past 13 months or so, pushing valuations for both stocks and bonds to the upper end of historical ranges. Looking at data stretching back to 1990 for some clues toward valuation, equities stand at the 83rd percentile using the price to earnings multiple, and bonds are at the 94th percentile using yield to worst, suggesting that each asset has been richer at certain times, but are far from cheap.
