cb, you are right, I kind of misinterpreted the end of your original post there — sorry about that. I do agree that a near-term, steep pullback seems very unlikely*. Longer term, though, it’s really hard to know where valuations will go.
(* The one plausible exception case here would be if interest rates rise substantially. I know everything thinks that’s inconceivable now, but regardless… if it did happen, it would whack the market pretty hard I think.)
