This article explains in the simplest possible terms the fragility of US equities, based on a deeper understanding of the nature of valuation and the earnings cycle. This is why a hedging strategy has become important.
Why Stock Prices Are More Stretched than You Think: A Tale of 3 P/E Multiples

Broken Money, Broken Markets
Today’s new highs are increasingly mechanical, not fundamental — and in a broken market, your 401(k) is the exit liquidity.

