With America’s S&P 500 index trading above 5,000, even the bulls are starting to suffer from vertigo. Goldman Sachs has raised its end of 2024 target to 5,200, just 4% higher, while stockmarket veteran Ed Yardeni’s target of 5,400 leaves another 8% to go. But there are still ten months of the year left. On a prospective multiple of 20 times this year’s earnings, the S&P 500 is expensively priced, unless you believe bond yields are
