Our title is the most-often asked question of recent weeks, with equity markets making new all-time highs and inflows continuing, despite an overwhelmingly consensus belief that they are also overvalued. However, this seeming paradox can persist, as Dan Gerard, senior multi-asset strategist for State Street Markets, highlights. We delve into the earnings power of the companies driving equity market returns, whether this will ever be a stockpickers market and what role the Federal Reserve is poised to play in the investing decisions driving headlines as Q3 draws to a close.