The tweet was deleted by the author.
But we saved everything 🙂.
Lance Roberts highlights that as more people invest in the market, valuations tend to rise.
He cautions that this is a coincident indicator, providing useful insight only after market conditions have shifted, rather than serving as a forward-looking signal.
Roberts recently noted a significant drop in the S&P 500 and Nasdaq 100, with the indexes down 2.4% and 4.6% in the week of July 26, 2026, due to weakness in technology stocks (full story). Earlier this year, he observed that the S&P 500 had gained over 10 percent, even as retail investor sentiment stayed negative (details here). These developments frame the recent commentary on valuations and market participation.