American stocks have increased to the highest level compared to government bonds since one generation, amid increased tension between some investors over the high assessments of giant technology companies and other Wall Street shares.

A record march for American stocks, which Overly On Wednesday, the so -called future profit returns – expected profits as a percentage of stock prices – pushed the Standard & Poor’s 500 index to the decrease to 3.9 percent, according to Bloomberg data. Intensive sales in treasury bonds led to an increase in bond returns for 10 years to 4.65 percent.

This means that the difference between the two, which is a measure of the so -called stock risk allowance, or the additional compensation for the investor for the risks of owning shares, has decreased to the negative area and reached the level of the last time seen in 2002 during the Dotcom Break. A bust.

“I want to own these dominant technology companies, and I am ready to do this without much risk bonus,” said Ben Inker, the co -chair to allocate assets at GM or Asset Management. “I think this is a crazy position.”

Analysts said that the sharp assessments of American shares, which were described as “Or all bubbles“The result of the fund managers demanded that the economic growth and profits of the prosperous companies in the country, in addition to the belief among many investors, was not able to risk leaving the so -called wonderful seven technology shares outside their investment portfolios.

Inker said: “The questions we receive from customers are, on the one hand, concerns about the market focus and the extent of the market weight.” “But on the other side, people ask: Do we not only have these dominant companies because they will control the world?”

The traditionally created stock risk allowance is sometimes known as the “Federal Reserve Model”, because Alan Greenban seemed to be referring to him at times when he was president of the Federal Reserve.

However, the model has its critics. In 2003, a study conducted by Cliff Asens, founder of the AQR box company, criticized the use of cabinet bonds as a nominal criterion “unrelated”, and said that the stock risk allowance failed as a predictive tool for stock returns.

Some analysts now use stock risk allowance that compares the stock profits revenues with the returns of modified American bonds, according to inflation. Miroslav Aradsky, chief analyst at BCA Research Company, said that based on this reading, the stock risk bonus is also “at its lowest level since the era of the dot com”, although it is not negative.

Erdsky added that the bonus can reduce the extent of the cost of the shares, because it implicitly assumes that the profit return is a good agent for the real, future overall return from the stocks. Shares.

He said that given that the margins of profit are higher than their historical average, if “returned towards its historical standards, it may end with the growth of profits until it is very weak.”

Some market monitors are looking for completely different measures. Aswat Damodara, a professor of finance at Sterin College of Business Administration at New York University, criticizes the Federal Reserve model, and says the correct way to calculate the stock risk allowance is to use cash flow expectations and cash payment rates.

According to his accounts, the stock risk bonus has decreased over the past 12 months, and is close to its lowest level in the past twenty years, but it is “definitely negative.”

The sharing of stocks relative to bonds is just one scale of the abundance that managers cite. Other factors include the price evaluation to the profits of American stocks for their history or comparison with shares in other regions.

“There is a good number of red brands here that should make us a bit cautious,” said Chris Jeffrey, head of the asset management department at Legal & General. “The most annoying thing is the difference between the way American stocks and non -American stocks are priced.”

Many investors believe that high complications are justified and can be sustainable. It cannot be denied [US stocks’ price-to-earnings] “The multiplier is high compared to history, but this does not necessarily mean that it is too much, in light of the basic environment.”

According to the Goldman model, which indicates the profitability rate of the American leadership stock index, after taking into account the interest rate environment, labor market health and other factors, the Standard & Poor’s index “is in line with our typical fair value.” Snyder said.

He added: “The good news is that the profits are growing, and even without changing the assessments, the growth of profits would push stock prices to rise.”

American stocks have now regained everything they lost during the decline since December. The sales operations have highlighted the fears of some investors about the presence of a level of treasury bonds that cannot be coexisted with, because the bonds – the origin of the traditional haven – may seem very attractive.

The chief investment official at Pimco Company said This week, the relative assessments between bonds and stocks have become “almost as wide as we have seen long ago”, and the same policies that can raise bond returns threatened to hit the shares.

For others, the decrease in the risk bonus in American stocks is just another reflection of investors in the shares of major technology companies and the risks imposed by the focus in a small number of large names on investment portfolios.

“Although the momentum is strong in MAG 7, this is the year in which you want to diversify you.”.