Day after day, we are bombasted with asset-gatherers, academics, and status-quo-huggers demanding we BTFATH as 'stocks are still cheap..." Some have even deferred modestly to the old standby "stocks are 'fairly valued'" in a last lame effort to save what credibility they have left when they look themselves in the mirror. The fact is - no, stocks are not cheap (as we pointed out here, they are more expensive than at the peak of what Jim Bullard called an obvious bubble [7]). However, still the shrill call of 'stock-picker's market' rings out to encourage the placement of hard-earned savings into easily commissioned AUM. The fact is - as the 3 charts below show - nothing is cheap - Nothing!
There has never been so few (almost zero) stocks that are 'cheap' based on historical valuations...
[8]
Especially not in the USA...
[9]
More conservative? Prefer fixed income than risking capital in equity markets... nope, nothing cheap there either!
[10]
Reach for yield? Rational exuberance? Call it what you want... it won't end well
Charts: Goldman Sachs
