With the S&P 500 (^GSPC) trading near record highs and valuations approaching levels last seen during the dot-com bubble, strategists are rethinking what normal looks like for today’s market. Bank of America equity strategist Savita Subramanian is among those making the case. “Perhaps we should anchor to today’s multiples as the new normal rather than expecting mean reversion to a bygone era,” Subramanian wrote in a client note on Wednesday. That shift in thinking reflects a broader recalibration across ...