It seems as though we are starting to reach levels on most major stockmarkets which are stretched.
Long Term Investors such as Warren Buffett are starting to put out comments that seem to be a gentle warning to those who feel that many major international equity markets are going to climb for the foreseeable future.
On the one hand these comments may be designed to cover him should markets tumble unexpectedly soon and on the other hand he might be seriously concerned.
It has been a good five and a half year bull run since equity markets bottomed out in February 2009 and this makes it a relatively long and almost uninterrupted upward trend.
Then again, we did come off a very low base back in early 2009 and interest rates are still set extremely low, so possibly things will be different this time?!
It may be fair to say that the high returns are a thing of the past and that the next few years could lead to more conservative returns in most equity markets, however, there will always be exceptions in each sector, region and country and it is these that investors will try to find.