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Last year was a great one for our portfolios.

Overall, the major indexes ended up higher and managed to push through records as the expanding economy quickened its pace. Add in a dose of tax reform and it’s easy to see how the gains could continue in the new year. There’s only one glaring problem in all of this.

Pretty much every asset class is expensive.

A new report by asset manager T. Rowe Price (TROW ) shows the downside to big gains. From stocks to bonds, there really isn’t an asset class that investors haven’t plowed hefty money into. And in that, investors might want to approach the rest of 2018 with optimistic caution.

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