Stocks Still Aren’t Close to Cheap

No method of valuing the stock market is without flaws. But when so many of them say the market is still expensive, investors should take note.

Stocks have made headway this year, but they still aren’t close to erasing last year’s losses: The broad S&P 500 is down about 14% from the record closing high it logged in early 2022. So the market is cheaper than it was back then, but that doesn’t make it cheap.