But whilst to date the FTSE 100 may have relinquished its 2006 gains, perhaps we shouldn't feel too downhearted yet.
In the FTSE 100 at least, we are some way from being in a wave of irrational exuberance.
Alastair is Chairman at Admiral, the FTSE 250 direct motor insurer.
Being around the top half of the FTSE 100 means fund managers need the group in their portfolio.
The retailer was also ranked seventh out of the 76 FTSE 100 companies surveyed.