I think that we're going to be really surprised that the valuations are going to

drift higher but that it's not going to be driven by profit growth it's going to be driven by something a little bit different and I think people

are going to struggle with it.

Welcome to the Barron Streetwise podcast.

I'm Jack Howe.

The voice you just heard, that's Jonathan Gallup. He's the chief U.S. equity

strategist at Credit Suisse. I asked him whether he thinks the rapid rise in stock prices looks out of

control. Is this a melt up? His answer in a moment.

We'll also hear from the CEO of a company whose shares were recently up more than 20% year to date.

Kristen Peck runs Zoetus, which makes medicine for animals.

It's benefiting from all the attention that those of us who are working from home

have been lavishing on our pets.

Listening in is our audio producer Meta, hi Meta.

Hey Jack, I'm really excited about this episode. Lots of animal sound effects. Oh right. A lot of opportunities there.

Yep, we're going to have some quacking. We're going to have some barking.

I'm going to say all the animal sounds in Danish.

I can't wait. You know what, drop some barking in the in the stock part if you're

really feeling it. I mean, don't feel like you have to wait.

Okay.

First, let's look at stocks.

Since March 23rd, when U.S. stocks hit their pandemic lowpoint,

the S&P 500 has returned about 50%. That's 4 to 5 years worth of typical

...