The equity bull market rumbles on, now in its seventh year, and stock market valuations are stretching once again. As investors reach for yield, they are bidding up stock prices and valuations above pre-2007 levels. When you compare the value of US equities to corporate net worth, for example, the ratio (Tobin's Q) indicates US stocks are more expensive today than at any other time in history with the exception of 2000. Valuation alone is not a timing tool but we continue to advise caution and do not recommend carrying an overweight position in stocks at the present time.