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As Markets Hit Records, Stocks Look Somewhat Overvalued

We don't see a large valuation gap between sectors, with energy looking the least expensive compared to our fair value estimates.

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With the the S&P 500 and Dow reaching an all-time high this week, we thought it would be a good time to check in on our market fair value.

This metric shows how big of a gap, on average, we see between market prices and our estimate of intrinsic value across the entire market or a specific sector.

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