The U.S. stock market, at least defined by the large companies in the Standard & Poor’s 500 Index, is at an all-time high. It’s been an incredible bull market—extending its streak as one of the longest and strongest in U.S. stock market history.

While U.S. large-caps have had a nice run, and in turn their valuations have gotten stretched, not all markets have participated in the strong gains and became over-valued. Some markets are still well off their all-time highs.

At the end of August, for example, emerging market equities (MSCI Emerging Markets Index) were still 20% below their highest point. Commodities (Bloomberg Commodity Index), meanwhile, were more than 60% below their peak.

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