An in-Valuable stock market!
Short-term indicators suggest that the current market valuations may or may not be cause for concern. Alpha is that portion of returns for investment managers which are not the result of the performance of the underlying assets was timing.
Given the way markets work, sometimes it is easy to make money from them and other times it is not. What usually points out that a market has become speculative is when retail investors pile in. In the American context, some may believe that the Fed becoming hawkish is a significant risk.
Bubbles in the market may also be notices by way of record-high levels of equity margin trading. Remember GameStop? That story has woven into the fortunes of the retail stockbroker Robinhood Financial. The effect of COVID is likely to take years to repair.