There's an unusually wide spread between the valuation of the most expensive stocks and the cheapest ones.
Does a relative shortage of stocks combined with somewhat mechanical sources of buying explain the Dow rising to 29,000?
This has created a vastly bifurcated market, and an unusually wide spread between the valuation of the most expensive stocks and the cheapest ones. The idea of an equity shortage usually hinges on the decline in the total number of U.S. public companies in recent decades, the relative dearth of initial public offerings and the consistent flow of share buybacks meant to reduce companies' equity base.
What's truly scarce are big, reliable cash flows that investors believe will endure economic wobbles and constant technological disruption. And this perceived scarcity of safe sources of profit and income is animating voracious demand for corporate debt and propelling the elite class of dominant secular-growth stocks to ever-richer valuations.
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