(click to enlarge) Meanwhile, U.S. stock prices ( VTI ) have more than tripled since March 2009… (click to enlarge) Leaving valuations above the 94th percentile on a historical basis (1881-Present). Higher asset prices/inflation coupled with artificially low interest rates without commensurate wage gains and economic growth only leads to a widening "wealth gap" and a massive misallocation of resources and capital. Charlie Bilello is the Director of Research at Pension Partners, LLC , an investment advisor that manages mutual funds and separate accounts .