28.09.2020: Investors are nervous. After markets climbed inexorably for months, the sentiment changed in September: The broad-based S&P 500 Index has temporarily lost up to 10% since the beginning of the month, while the Nasdaq 100 Index lost up to 14%. The Asian markets are also trading very nervously. Investors are becoming increasingly aware that the virus is far from being defeated. The word « lock-down » is making the rounds again. The recent measures in the UK, Spain and France do not bode well. Not even the FED’s announcement that it will keep interest rates ultra-low for at least three more years has managed to reassure the markets this time. Investors are once again focusing on fundamental data and have realized that stocks are expensive. Are they all expensive? Really?