Is the Stock Market Overvalued?

What 70 years of earnings & interest rates tell us about today's stock prices

Over the last 5 years, I’ve read a nauseating number of articles suggesting that the stock market was wildly overvalued. The underlying logic of their argument was the regurgitated “analysis” of current price-to-earnings (P/E) ratios compared with long-term averages.

They all go something like this:

“The average P/E ratio for stocks has been 16 over the …

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