Animal spirits indeed: Professor Shiller says that, near-term, Trump-euphoria is making him question the relevance of historically reliable valuation metrics. (You mean ‘this time is different?’ Heard that one in 1998-2000 and 2006-08, as well).
Still he acknowledges that at current over-valuations, stocks are priced to under-perform 10-year Treasury bonds for the next decade (even though 10-year yields are less than 2.4% today) . Translation: stay at the craps table and party for a while if you like, but realize the hangover is likely to cause capital deficits for the next 10 years, at least. Good trade-off? Here is a direct video link.
Robert Shiller, Yale University professor of economics, discusses why the current market environment is reminiscent of the stock market crash of 1929.