Where do you invest when stock valuations have no margin of safety?

Since the collapse of Lehman Brothers in 2008, the developed world has roughly injected an astonishing $12trn trying to stimulate growth.

On top of this, interest rates have been cut to record lows; central banks have cut interest rates over 600 times since the financial crisis, and in some regions they are now negative. They have limited ability to do anything else from here. These near-term risks, coupled with what Warren Buffett describes as the average investor's desire to "get rich quick" has meant more and more investors have an increasingly short-term time horizon. The average holding period for a stock is no longer measured in years, but months, and it is now common for holding periods to be a matter of hours. ...