Both the S&P 500 and the Dow Jones recorded new highs on Friday as a result of Greece securing a 4 month extension to their debt deal in Brussels.  Earlier in the day, the US economy recorded an increase in factory output, but a slowdown in hiring as a result of the slowing of new orders.  We’ve seen some high profile hedge funds reduce their US equity exposure in Q4 2014, and this trend appears to be continuing into Q1 2015.  When equity markets are overvalued, they can be subject to sharp falls when corrections eventually occur.  Low interest rates and a lack of alternatives have been driving equity markets in an upward trajectory for some time now, but when will this inevitable correction show its face?