 Morgan Stanleys Mike Wilson was on CNBC just now and made a compelling case that US stock indexes are richly valued. He said earnings estimates are still too high and that multiples are still rich.He also made the argument that inflation is disguising margin weakness. Companies have sold goods that were acquiredbuilt at lower prices while realizing higher prices themselves. Now, the costs of creating product have caught up and pricing power is maxed out. Its a compelling argument. 