U.S. stocks have been red-hot, with the S & P 500 hitting its highest level in over a year.
But Steven Glass, managing director and analyst at Pella Funds Management, says U.S. markets have "run too fast, too quickly."
The S & P 500 is up around 15% in the year to date, while the Nasdaq has soared about 31%.
Glass said the S & P 500 earnings yield is at about 5.2% — a level similar to that of one-year Treasury bonds.
That would translate to a 10 times price-to-earnings ratio for the S & P 500 — but the figure is now at 19.
Persons:
Steven Glass, CNBC's, Glass, doesn't, Albemarle
Organizations:
Pella Funds, Nasdaq, Big Tech, CNBC, Stock, EV, China Clean Technology
Locations:
Pella, U.S, China