With interest rates at low levels and central banks intent on pumping money into the system, it is hard to see (absent a surge in inflation and bond yields) what it is that could derail capital markets. Given the extremely low level of interest rates, and even providing for an equity risk premium on top of that, it is not hard to justify higher equity market valuations ahead. Herein however lies the rub, as the higher equity market valuations go, the higher the levels of inv