For ther past 5 months the consensus narrative has been to push back on the equity market rally. First it was because trade risks were unknown. Second it was because growth risks were underestimated. Third it was because the (all important) Fed would not ease due to sticky (stag)flation and now its because valuations are high. To date, all of these fears have all proven to be overly pessimistic. In time, they may not, but these are not "buy and hold" markets and while there are downside risks, their are also positve tailwinds that we think will keep the rally going.
