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ETF Specialist

Are Stocks Expensive? The 2 Perspectives.

How you value the market depends on your time horizon.

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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 (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.