________________________________________________________________________ It's unfashionable to talk about things like valuations now. The latest Howard Marks' memo is a brilliant read (click here). Specifically this part: We concluded that some or all of the following are necessary conditions. A few will give us a bull market. All of them together will deliver a boom or bubble:
• A benign environment – good results lull investors into complacency, as they get used to having their positive expectations rewarded.Gains in the recent past . . .