``Today, despite sky-high FANG valuations, the S&P market-cap weighted and equal-weighted indexes both trade at around 22 times earnings. Thanks to the trillions of dollars printed by the Federal Reserve (and the popularity of passive investing, which we'll discuss in a moment), investors are buying everything... And this false sense of security comes just as the main driver of this bull market -- the trillions of dollars global central banks printed after the GFC -- is coming to an end.''

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