“I would highlight that equity-market valuations at this point generally are quite high,” Ms. Yellen said. “Not so high when you compare returns on equity to returns on safe assets like bonds, hich are also very low, but there are potential dangers there. The four most dangerous words in investing are ‘This time it’s different.’” John Templeton

Been reading about the high valuation in the China Stock Market and Nasdaq. (read here and here). However, in comparison to the past (prior to the dot.com bubble), this rally is led by companies with strong earnings rather than being propped up by irrational exuberance about the tech sector as in the past. (read here) For a moment, I was contemplating shorting the Nasdaq using PSQ, QID or QQQ (read here). However, the quality of the companies leading the market run-up do seem better as compared to the previous peak. ......