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“Stocks have only been this expensive during the crash of 1929, the tech bubble, and the financial crisis,” Business Insider wrote in December 2016.

If we’ve said it once we’ve said it a million times, valuation is not a catalyst. Cheap stocks can get cheaper and expensive stocks can get more expensive. In this video above from The Macro Show recently, Hedgeye CEO Keith McCullough explains why “there is absolutely zero call to be made on some magic multiple in which the market has to stop going up.”

Case in point, since Business Insider’s story on how expensive stocks were in December, broad U.S. equity indices are up between 8% and 17%. In other words, stocks got a heck of a lot more expensive.