It's a good time to check asset allocation. The US large-cap stocks, led by the Magnificent Seven, have had a tremendous last 2.5 years. Stock valuations are at historical highs - absolutely and relative to the rest of the world's markets. In summary, US large-cap stocks are costly - whether measured against the total value of all goods and services produced in the U.S. (GDP) or relative to the prices of stocks worldwide (i.e., their average price-earnings ratio). This does not necessarily represent a short-term sell signal, as unusual trends can continue for an extended period - but it does indicate that longer-term relative valuations are likely to stagnate or return to previous ranges of relative value over time. Therefore, for long-term investors and long-term goals, it's a good time to consider your asset allocation and diversification.