“As far as we know, as long as the Fed keeps pumping, prices for stocks, Andy Warhol doodles and Manhattan apartments will keep going up.  But that doesn’t mean any of them are good investments.  Stocks, for example, are an option on a bigger Fed-induced bubble. But they’re not cheap.  A simple look at the 12-month “as reported” P/E for the S&P 500 will tell you that.  Could this continue? Yes, of course. Or, it could blow sky-high.  Yes – 2013 was one for the history books; 2014 almost surely will be, too.”

http://www.bonnerandpartners.com/should-you-turn-bullish-in-2014/

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