“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:

BaA_xhNCMAAErcGvia @mebfaber

Equity repurchases:

buybacksvia WSJ.com

Margin credit:

NYSE-investor-credit-SPX-since-1980via dshort.com