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@braker
Some valid points on the US market in that article.
In the UK, Price / Earnings ratio of the FTSE 100 is currently about 16x... it hit 30x in Dec'99 prior to the crash... so optically, valuations aren't excessive.
That said, there are some macro issues that I don't think are fully priced-in, and P/E is not the only metric that needs to be considered. If I had an equities portfolio, I would be looking to take some money of the table and diversify.