The S&P 500 (SNPINDEX: ^GSPC) index has more than doubled from its 2022 bear market low point, driven by blistering returns from the technology sector which is home to many of the companies leading the artificial intelligence (AI) revolution. The index's Shiller cyclically adjusted price-to-earnings (CAPE) ratio recently hit 41, a stone's throw away from its all-time high of 44.2 from the peak of the dot-com internet bubble in the year 2000. The CAPE ratio is calculated using the average earnings of the companies in the index over a 10-year period, adjusted for inflation, so it's a highly useful valuation metric. The S&P 500 plummeted by 49% when the dot-com bubble eventually burst, and although I'm not predicting a similar decline this time around, the mounting risks to the current bull market are getting harder to ignore. Here's what I think investors should do.
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