So where is the growth to justify valuations?
UK is teetering on "triple dip".
Europe is in recession and any parts that aren't are now teetering on the edge.
US is now teetering on the edge.
Japan has been lost for decades after its super-bubble burst.
BRICS rely heavily on manufacturing and exporting to meet consumer demand in the Western nations.
Despite QEasing to QInfinity, growth is hard to come by.