Subsequent to The Great Financial Crisis of 2008, U.S. equity markets have marched higher for the better part of a decade. The “wall of worry” that bull markets inevitably climb has been tall and thick. Television pundits have coined the post-Recession run-up in asset prices many things, but perhaps the most apropos is, “the most hated bull market of all time.” Indeed, almost every valuation metric pointed to an expensive market by historical standards – not for a day, not for a month, not for a quarter -- expensive throughout this decade ascent.
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