TJParker: If there is one thing the markets should have taught you over the past 5 years, it is that valuations do not matter over the ST and IT term and, during a period in which investors are willing to assume increased risk, it may not influence a market for several years. Eventually, the piper must be paid and the extreme overvaluation of the market WILL lead to a steep correction in the not too distant future. Valuation eventually wins out, but only in the very long term.
My point: if you base your investing decisions solely (or even primarily) on valuations, you will consistently be seimming upstream. You can rail on about valuations all you wish, but as long as investors are willing to assume the risk of chasing overvalued junk, the market heads higher.
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