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Here's How You Can Make a Lot of Money in the Stock Market in August

As July turns into August, the broad U.S. stock-market indices are either at or close to all-time highs. But these indices' components are seeing week-to-week or even the day-to-day mini-rotations based on investor expectations for U.S. monetary policy, fiscal policy, debt-market yields and currency valuations. Folks, there's a lot on our plates.

I've long believed that the perceived current loftiness of equity valuations is indeed proper for today's environment. Although valuations are (broadly speaking) well above historic norms, remember that historical norms have nothing to do with current stock prices. Supply and demand for a specific name are all that really matters.

And while historic valuations are a useful guide, they're just one of many things to consider. Are the rest of the factors that impact stock prices hovering around historical norms? No? What a surprise!