Traditional metrics suggest equities appear overvalued, but other factors argue against this. Interest rates are currently very low, as are credit spreads. Together these make the borrowing cost for corporates low, the benefits of which accrue to shareholders. Also, economics expectations are improving, supporting equity prices. Moreover, the environment of low rates should continue due to capital expenditure being applied increasingly to IT and software. This injects capacity into the economy, which keeps inflation and interest rates lower, sustain...