The definition of "high valuation" changes over time. It's merely a long run average of valuations.
Valuations are high because interest rates are low (reach for yield). If you account for yields, valuations aren't that high.
Yields will rise over the next 2 years. Global central banks all tightening.
Submitted July 11, 2017 at 07:18PM by markethistory http://ift.tt/2t212mB
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