The stock markets continue hitting all-time highs. The party continues on even as most investors agree that the valuations are stretched. It is interesting that valuations don’t seem to matter as most “pundits” keep throwing phrases around like — “Yes, valuations are stretched, but stocks will double from here”. The hubris is not just with the commentators. We have Fed chair saying — “No more financial crisis in our lifetime” and executives like American Airlines CEO saying “We will never lose money again”. Pure madness!