Is the Stock Market Expensive?

Readers know we have done a lot of work on stock market valuation measures.  One of my favorite, that is hard to find anywhere, is the P/E for the MEDIAN stock in the S&P500.   Often if you look at the broad market it is distorted by it being a market cap index.  Anyways, Ned Davis gave me permission to run this wonderful chart:

median

 

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