> It is the combination of these two factors, which are really just one factor (cheap money/low rates), that is the root cause of the valuation environment we are in. And the answer to when/if it will end comes down to when/if the global economy starts growing more rapidly and sucking up the excess liquidity and policy makers start tightening up the easy money regime.

> I have no idea when and if that will happen.

Apparently, neither does anyone else, including the Fed itself who's been predicting a rise since 2010 or so: http://www.zerohedge.com/sites/default/files/images/user5/im...