Are Stocks Expensive? The 2 Perspectives.
How you value the market depends on your time horizon.
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.
Samuel Lee does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.