``No matter, how many valuation measures I use, the message remains the same. From current valuation levels, the expected rate of return for investors over the next decade will be low. There is a large community of individuals which suggest differently as they make a case as to why this "bull market" can continue for years longer. Unfortunately, any measure of valuation simply does not support that claim... "This time is not different," and in the end, many investors will once again be reminded of this simple fact: The price you pay today for any investment determines the value you will receive tomorrow.''

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