It would be nice to hear the counter bull thesis to support the theory that the majority of companies are undervalued as compared to current and future earnings. Yet instead, you shoot the messenger. I'm pretty sure MS has little to gain by warning people that this may be a bull trap, except maybe some credibility. A rare thing on Wall Street.

I think most people are missing the point,.25 or .50 doesn't matter, liquidity is coming out either way. Higher inflation has the same effect as higher interest rates, both make the stock market way over valued. The longer the market fights the Fed the more severe the consequences. Someone please justify a 19 P/E for the S&P right now, give it your best shot.