The article highlights that various cross-asset indicators point to a broader market regime change rather than isolated equity risks. Rising interest rates, persistent inflation, and heavy Treasury supply are pressuring valuations and risk assets. Tight credit spreads and high leverage imply markets may be underestimating downside risks. Concentration in large-cap stocks and weakening cash flow efficiency could amplify market declines, while volatility remains underpriced, suggesting investors consider defensive strategies and volatility exposure. The author believes we are at the peak of an equity bubble and entering a bear market phase.
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