"Post-election rally closed the valuation gap with the P/E now near “fair”. The current fitted S&P 500 trailing P/E of 19.6x reflects "animal spirits." Accordingly, the current P/E of 19.4x, although high by historical standards, is far from pricing excessive optimism, based on our model." - Barclays
http://www.zerohedge.com/news/2017-02-19/how-major-bank-calculated-20x-pe-now-fair-value

Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.