The current valuation of the S&P 500 is lofty by almost any measure, both for the aggregate market as well as the median stock: (1) The P / E ratio; (2) the current P / E expansion cycle; (3) EV / Sales; (4) EV / EBITDA; (5)
Free Cash Flow yield; (6) Price / Book as well as the ROE and P / B relationship; and compared with the levels of (6) inflation; (7)
nominal 10 - year Treasury yields; and (8) real
interest rates.