From the book "The Intelligent Investor" by Benjamin Graham:
“The pendulum swings from irrational exuberance to unjustifiable pessimism.”
Looking at the S&P500 index currently nearing 3,000 points, as a defensive long-term investor, how do I judge the market position?
I am pretty sure it isn't "unjustifiably pessimistic" but is it "irrationally exuberant"? What is the right way to rationally judge the market state at some point in time?