The relentless rally in equity markets has pushed valuations to extreme levels based on traditional metrics. In this report, we analyze the two common arguments made by equity bulls on why this time is different and current valuations are justified. We find that either gold or equities are currently mispriced, as, a) both arguments would imply that gold should outperform stocks and b) if neither of the scenarios play out, equities are due for a substantial correction. Amidst the global COVID-19 pandemic, equities had staggering rally over the past 12 months. The S&P500 almost doubled in less than a year from a low ... (full story)