There is very good evidence based on long - term Q ratio, smoothed PE, price regressions, and mkt cap / GNP metrics that the market just reached FAIR VALUE in March of 2009, and that stocks have essentially been
in bubble territory since 1994, with the exception of the few months near the bottom of the 08/09 bear.
That's not to say that Lockheed is necessarily trading
in bubble territory,
since even at today's prices Lockheed has potential to generate 9.5 % to 10.5 % long - term total returns (2.5 % yield plus 7 % to 8 % annual earnings growth) if everything goes as planned.