PK - "Anyway I think historical valuations are very important and today valuations are far too high"
Compared to what? And the "what" has to be valid in repsect of the current market with all its facets and not like the early 70s or ludicrous comparisons with the 1930s and other times nearly a hundred years ago when most people didn't have telephones or retirement plans.
As for whether you think valuations are too high how about the Grand Nasscare theory that was quite commonly accepted on this thread only a few weeks ago when the market was around 1,300. Even then there were plent who thought that stock prices were overvalued. They were clearly totally wrong.
No doubt some stocks will go down from here but some will go up.
The word valuation in the context of stocks in the light of what we have seen since 1999 is in effect a total joke, and a bad one at that.
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