Equity valuations Are the markets defying gravity right now? Probably—but, as Fortune 's Shawn Tully writes, there is a possibility that we're just entering an era of super-high valuations, because interest rates will stay low for a long time to come. Tully writes: "You can invent a plotline that gets the market to today's heady valuation and makes room for gains from here. But that's like watching one of those cinema thrillers where you can't imagine how the hero can escape, yet he ducks the gunfire and somehow manages to declare victory." Fortune