In March of 2009, the S&P 500 bottomed at 666. Today it's trading near 2200, which equates to a 226 percent increase in the large-cap stock index over the last seven-and-a-half years. There is no question that this bull market has been strong and long-lasting. Over the past few months, some experts have argued the current trend is long in the tooth and that stock valuations (as measured by metrics, such as the Shiller P/E) are stretched.
There are others, however, who say stocks have room to run, particularly now with a Trump victory and a strong rotation into financials and other segments of the market, and that equities are the best alternative compared to other asset classes they compete with. Both arguments are compelling, so what's an investor to do?
Let's take a look at the current positioning and wisdom of Berkshire Hathaway chairman and CEO Warren Buffett, one of the best investors of all time, to get a sense of where the markets are and the value they offer.