A simple explanation on how to identify the relative 'top' of this U.S. stock bull market. The core driver of this bull market is the semiconductor 'shortage.' Who's paying for the shortage? Capital expenditure! When model companies slow down their spending, downstream hardware industries won't be able to sustain the current profit growth rate! Low PE ratios will inevitably expand rapidly. When capex at the very top flashes red, the whole world will know... But Google just entered the game—do you think it's a red light now?