With the strong bull run in stock prices since November, we have been reading more from the perma-bear community about how overvalued the stock market is.  With optimism running high among investors we think that a discussion of stock market valuations is timely.  But before we get into the meat of the discussion, please understand that valuations are at best a blunt instrument for timing the market.  Undervalued assets can become even more undervalued and overvalued assets can become even more overvalued.  

Valuatio...

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