Stock Fair Value Report: U.S.

Overvaluation pressures have moved valuations back to mid-teens / low-twenties while market returns have been lackluster. U.S. AllCap return, year-to-date, is flat at (0.57)% giving credibility to the point that investor expectations are still positive, but not as euphoric as earlier in the year when valuations were in the high twenties. LargeCap has moved up the most, 5.0 percentage points, followed by MidCap advancement of 2.2 points followed by SmallCap with an increase of 1.7 points. It is interesting that SmallCap is the leader in gains so far this year at 1.76%