### Comment:
Curious - what makes you say valuations are relatively fair in US equities ? From my understanding they seem to be way too high at the moment ?

### REPLY:
If you take the P/E (I know it’s not the end all be all of valuation) and take the S&amp;P 500 history by year and run a Z score analysis, the current P/E of the S&amp;P 500 is like .30 standard deviations above the mean. To me, this shows that there’s a lot priced in, but we aren’t at crazy valuation levels. Especially with low interest rates, lower corporate taxes, a strong economy. Seems to me that it’s reasonably to be a little above the mean in the conditions we have.

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