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On March 23rd of last year, at the start of the coronavirus pandemic, the S&P500 briefly traded below 2,200.\xa0 Since then it has more than doubled, surfing on a wave of corporate profits, in a sea of central bank liquidity.\xa0 However, investors should recognize that this wave will face challenges going forward while the tide of monetary easing should turn.\xa0 As this happens, a focus on valuations should be more rewarding than has been the case in recent years.