This 30-year market veteran is alarmed by a record-chasing S&P 500. Here’s where he’s investing instead.

Steven Jon Kaplan, a veteran with three decades of market experience, warned that the S&P 500 is chasing record highs despite what he describes as an irrational pricing environment. He argues that many investors are overlooking a fundamentally safe approach to navigating the current market conditions.

Kaplan’s commentary suggests a potential shift of capital away from overvalued equities toward more defensive assets such as high‑quality bonds, cash, or gold, reflecting a growing risk‑off sentiment among market participants. While the piece does not reference specific crypto or equity symbols, the broader implication is a cautious stance that could dampen appetite for risk‑on investments and reinforce demand for safe‑haven instruments.