Salesforce, Amazon, Facebook and Tesla may all be great companies that deserve aggressive valuations based on any number of factors. But if you truly believe th

Salesforce, Amazon, Facebook and Tesla may all be great companies that deserve aggressive valuations based on any number of factors. But if you truly believe that you can determine what a reasonable premium is in a market that is so influenced by central bank action, I tip my hat to you because you're much smarter than many of the people who do this for a living. > I generally agree with your opinion that equities are near a peak because it is literally impossible for fixed income to be less attractive as an alternative and the Fed is clearly letting us know it's closer to the end of QE than the beginning Just to be clear: I didn't state any opinion as to whether we're close to a peak or not, and based on what we've seen in the past month, I wouldn't use the word "clearly" in any sentence referencing the Fed's plans to end QE. The Fed is between a rock and a hard place, and while I think certain scenarios are more likely than others, I'll just say this: the only thing that would surprise me is if there are no more surprises.