http://www.theglobeandmail.com/globe-investor/investment-ideas/the-bear-dead-or-just-sleeping/article1497020/

Despite a year of rallying stocks and rising optimism, some commentators feel the rally has glossed over harsh realities

"When money is free, cash becomes trash and you want to put it to work in risk issues, because it's not costing you anything to borrow the money and invest it," says blogger and market commentator Barry Ritholtz, CEO and head of equity research at market-analytics firm Fusion IQ in New York. "When money has a cost to it, then you tend not to put it into risk properties."

That low-cost cash worked like rocket fuel for the market turnaround, the skeptics say, sending it far overboard. Mr. Rosenberg says that based on price-to-earnings ratios adjusted for inflation and long-term economic cycle averages, U.S. stocks are trading 20 per cent above their historically normal valuations. Mr. Higgins pegs the number at closer to 33 per cent.