Fundamentals Better Get Better (Fast)

While we have commented previously on the impact that dismal earnings-growth relative to magnificent multiple-expansion has had on the rise in nominal prices for US equities; the following two charts, perhaps better than any others, should leave more than a few investors asking "are stocks cheap?"  


The last 2 years have seen the largest increase in forward-P/Es since the dot-com bubble (and that ended well).


Charts: Barclays