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The last decade of easy monetary policy has led to an infamous bubble in everything. So what's still cheap out there in the market today? Commodities.
While stocks are at their most expensive level in 150 years in the US, commodities are as cheap as they've been by a number of measures for the last 100. Some of that is natural and structural.
Over the last 200 years, inflation adjusted commodity prices have actually been trending downwards because every time they get too high and you see a spike, people switch to a different, cheaper technology - there are more energy efficiencies that kick in, and we might actually start to save energy.
So are we at that kind of tipping point today? We've already seen some commodities - like gold, for example - go up as investors look for a safety asset amidst all the quantitative easing and easy money that's still out there.
What would it take for commodities in other areas - industrial commodities, oil - to start to spike? Well, if you start to see the dollar go down, which many people think it will in the next year, for a variety of reasons - the deficit, political risk - you would start to see commodities move the other direction. They always move inversely to the dollar.
If that happened, you could see more political turbulence. Petro czars would be emboldened, and you might see more nationalism in emerging markets where the poor spend the majority of their income on food and fuel.
Now, things could go the opposite direction in the years ahead as the US becomes more energy independent. But I doubt we're in a permanent bear market for commodities yet. Watch this space.
