A version of this article was published in the April 2014 issue of Morningstar ETFInvestor. Download a complimentary copy here.
A perennial source of debate is whether the U.S. stock market is cheap or expensive. The biggest fights erupt between what I call the business-cycle school and the intrinsic-value school.
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Samuel Lee does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.