1. Strong earnings growth has driven a significant market rally, with the S&P 500 and Nasdaq rising over 25% and 33% since April 2025 lows; 2. Current valuations (PE, Price to Book, Price to Sales) are near multi-year highs, resembling past bubble periods; 3. The author urges caution due to thin risk-reward ratios and advises preparing exit strategies amid potential valuation compression and momentum shifts.