Stock market has not seen a bubble

On January 18th, UBS Chief Investment Officer Mark Haefele stated in a report released recently that although cryptocurrencies and SPACs show signs of "irrational prosperity", investors do not have to worry about the entire stock market in a bubble. She explained: "All the prerequisites for creating a bubble are in place, including record-low financing costs, new participants entering the market, record low-interest rates, and high savings rates brought about by the government's stimulus plan. Investors have no choice but to choose returns other than stocks.” However, Haefele said that although part of the market looks speculative, investors should not worry that the entire market is in a bubble. In addition, Haefele said that through historical comparison, the valuation of most stock markets is not expensive.