Are stocks cheap? Is the 'Stock-Market' "priced-for-perfection"? Here is your answer...
The answer is - Yes and Yes-er!
Simply put, the S&P 500's forward earnings based valuation has never (in the history of the time series) been higher relative to consensus expectations of economic growth... ever.
So next time your "wealth"-taxer suggests you buy-the-f##king-dip, show him the chart above and have him explain how economists "must" be under-estimating growth, because equity analysts are never wrong.