has led to an infamous bubble in everything.

So what's still cheap out there in the market today?

Commodities.

While stocks are at their most expensive level

in 150 years in the US, commodities

are as cheap as they've been by a number of measures

for the last 100.

Some of that is natural and structural.

Over the last 200 years, inflation adjusted commodity

prices have actually been trending downwards

because every time they get too high and you see a spike,

people switch to a different, cheaper technology

- there are more energy efficiencies that kick in,

and we might actually start to save energy.

So are we at that kind of tipping point today?

We've already seen some commodities

- like gold, for example - go up as investors look for a safety

asset amidst all the quantitative easing

and easy money that's still out there.

What would it take for commodities

in other areas - industrial commodities, oil -

to start to spike?

Well, if you start to see the dollar go down,

which many people think it will in the next year,

for a variety of reasons - the deficit, political risk -

you would start to see commodities

move the other direction.

They always move inversely to the dollar.

If that happened, you could see more political turbulence.

Petro czars would be emboldened, and you

might see more nationalism in emerging markets

where the poor spend the majority of their income

on food and fuel.

Now, things could go the opposite direction in the years

ahead as the US becomes more energy independent.

But I doubt we're in a permanent bear market for commodities

yet.

Watch this space.