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Three months to the day after the sharpest selloff in history, Wall Street is freaking out about valuations once more.

Bank of America Corp. clients are sounding the alarm on stock prices like never before, even as they sink cash into the market in droves. Bears are finding new reasons to bristle at soaring price-to-earnings ratios, while vanishing credit premiums belie default risk in the grip of the economic downturn.

“Everything is expensive,” wrote Chris Watling, chief market strategist at Longview Economics, in a recent note. “80% of the markets we track have a valuation in the upper quartile relative to the market’s history -- the greatest percentage on record using data since the mid-1990s.”

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