John Abernethy writes in his latest open letter to shareholders that The current equity market is moving higher and away from fair value

John Abernethy writes in his latest open letter to shareholders that The current equity market is moving higher and away from fair value. It could, as it has done historically, go much higher. At that point either world economic growth will improve dramatically to lift equity valuations in the face of higher bond yields or there will be a correction in equity prices back to fair value. Abernethy goes onto say that this time is no different, despite the claims of commission agents, from other similar mis-pricing situations in the past and As history constantly reminds us, the short term pricing imperfections do adjust. If mispricing continues for an excessive time and to an excessive extent, then the ultimate correction will be more severe. Worth a read for the value investors out there: bit.ly/18E8vS4