Who's Ready for a Stock Market Crash?

Although the widely followed S&P 500 (SNPINDEX: ^GSPC) has recouped all of its bear market losses and hit new highs, most businesses are still a long ways away from where they were before the coronavirus disease 2019 (COVID-19) pandemic hit. The big question that investors should be asking is, "Does the S&P 500 really deserve to be valued at or near an all-time high?" Even with multiple COVID-19 vaccines potentially on the horizon, the answer to this question might well be no. Potentially the biggest source of hope for Wall Street since March -- COVID-19 vaccines -- also happens to be its biggest threat.