Home of the brave: Why US stocks still have a long way to run

The US stock market had a stellar year in 2013. However, some commentators are now concerned that the market has had its run and is now a sell. I disagree wholeheartedly with that view: from where I stand, the future looks very bright for the US market. Valuations Investors' biggest issue usually revolves around valuation, so let us start there. With the forward P/E ratio on the S&P 500 at around the 16x level, I would say it is neither cheap nor expensive; indeed, it sits around the ten-year average. The chief concern I hear is that the P/E has expanded without the earnings grow...