Public Storage (PSA) continues to trigger multiple over-valuation levels even after we raised the fair value range. At the current valuation of 134.6% FV it places the company at number 456 out of 500 largecap stocks in America. It is impressive that the company can continue to post gains that have reached nearly 10% this year while the market inches along at a 0.19% gain YTD. We are cautious that this rise cannot continue. The dividend is good at 2.5% and we consider the stock a “core” holding, but expectations appear to have outstripped the company’s ability to continue to deliver. Once expectations become more realistic the stock may return to a reasonable level.