This chart is making the rounds on Twitter right now. Liz Ann Sonders (@LizAnnSonders), Chief Investment Strategist at Charles Schwab, brought it to our attention. It shows the maximum drawdown in the S&P 500 each year going back to 1914 with our current year the shallowest in history.
September 28, 2017
Combine that with not a single US stock showing up in Ben Graham's "deep value" screen and record levels of borrowing by individuals to buy stocks at these prices and you have an interesting set-up in the making.