How Expensive Are US Stocks?

How expensive are US equities? That's a bit of a clichéd question, admittedly. It's made even more so by the fact that, with few exceptions, it's been possible to answer it with the same word whenever it's been posed for more than a dozen years running: "Very." US stocks are very expensive. The standing contention that US shares are overvalued hasn't always been true, but someone's always willing to make the case, a testament to a lot of things, including widespread investor buy-in to the nar