“In their discussion of potential risks, several participants commented on the rise in forward price-to-earnings ratios for some small-cap stocks, the increased level of equity repurchases, or the rise in margin credit.” –FOMC Minutes, 12/17-18/2013
Small-cap p/e’s:
via @mebfaber
Equity repurchases:
via WSJ.com
Margin credit:
via dshort.com