(A) Few Differences This Time?

(1) Not all valuation measures are flashing red. (2) Misery Index near previous cyclical lows. (3) Misery-adjusted forward P/E around its mean. (4) Rule of 20 no longer bullish. (5) Buffett isn’t giving much weight to his ratio. (6) Price-to-sales ratio awfully high. (7) Fed Model says stocks cheap compared to bonds. (8) China’s demography remains bullish for growth. (9) China’s population growth slows. (10) But China’s rural-to-urban migration continues apace.