Stocks Are "As Expensive As I've Ever Seen Them" | Ted Oakley
And he thinks they're in the 8th or 9th inning at this stage
Short of a dramatic surprise in the next few weeks, the markets should end 2025 with another big double-digit positive return, for the third year in a row.
A string of three-peats like this is quite rare in markets.
Which raises the question: Can the momentum last in 2026?
Or will the market’s returns start to mean revert?
To discuss, we have the good fortune of welcoming back to the program high net worth financial advisor Ted Oakley, Managing Partner and Founder of Oxbow Advisors.
Ted thinks stocks are as expensive as he’s ever seen them in his long career.
And while he admits no one knows when the market top will be in, he’s pretty confident we’re in the 8th or 9th inning of the bull market at this stage.
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Adam’s Notes: Ted Oakley (recorded 12.9.25)
EXECUTIVE SUMMARY:
Market Outlook for 2026: Ted Oakley anticipates a slowdown in the economy due to weakening employment, with potential market strength in Q1 but a significant peak and correction likely in the second or third quarter, viewing current valuations as extremely high and in the “eighth or ninth inning” of the cycle.
Bear Market Risks: He expects a true bear market by
