Are Stocks Overvalued? A Survey Of Equity Valuation Models by Research Affiliates
It should come as no surprise in one of the longest-running bull markets in U.S. history that the question “Are stocks overvalued?” is ever present in the minds of both investors and investment professionals. A Google search of this simple phrase returns 551,000 results, and an Amazon book search for “equity valuation” finds 3,411 listings. For better or worse, the topic is even periodically broached at the highest levels of the Federal Reserve:
I would highlight that equity market valuations at this point generally are quite high…. They are not so high when you compare the returns on equities to the returns on safe assets like bonds,...
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