It’s hard to believe it’s back to school season already. It’s also hard to believe that it’s been 10 years since the start of the financial crisis that brought about the Great Recession. A decade later, we find ourselves in the nation’s second longest economic recovery and expansion (FYI: the average duration of a bull market is 3.5 years). Yet while stocks continue to push to new record highs, corporate earnings have failed to keep pace with prices, resulting in stock valuations that now sit near all-time highs. If you remove the tech bubble as a one-time anomaly, stocks have historically never been more expensive (based on a number of different metrics) than they are today. Download the full article here.