Coporate Profits under performing Stock prices

As you can see we are experiencing Euphoria right now in the Stocks. Flat corporate profits with rising stock prices. History tells us correction is coming in stock prices. What history doe not tell us, is how long Euphoria will last. I would not dare contest anyone who argues that history is a bad data since we QE did not exist back then. In fact, I would applaud their insight and agree. Never the less in combination with a mosaic of data we might be able to identify the risks and be prudently cautious while Euphoric multiple expansion is taking place in stocks. It certainly explains Buffet's record of $128 billion cash.