 So what we know is that valuation is not a good market timing indicator. In the stock market, for example, the stock market can be overvalued and stay overvalued and get more overvalued. And the same is true for the housing market. If you look at Australia, Britain or Canada, they're even more overvalued than the United States and got more overvalued for years at a time. But in the long run, I think valuation is a useful measure for telling you whether the return on an asset is actually a good risk.