Russell 2000 overvaluation is already a familiar topic for some investors. This index is one of the main American stock exchange indexes, composed of 2000 small caps that have the distinguishing feature of having trailing 12 months P/E ratio of 130.5x and 120.3x after cyclical adjustments. It seems to be a very good opportunity to be short, or at least to keep in mind in the case market tendency changes. Our trading algorithm has given already a signal to take a short position in Russell 2000. We will now try to begin the analysis of the fundamentals of the Russell 2000 overvaluation in this article, and in the following ones.