Valuation - Shiller Cyclically-Adjusted S&P 500 Price-to-Earnings Ratio

By the Shiller CAPE’s measure, U.S. stocks are back in the stratosphere — the kind that’s thrilled investors on the way up, and burned them on the way down. It’s a level that has often meant thinner returns and rising risk.

Image: Goldman Sachs Global Investment Research

Valuation - Shiller Cyclically-Adjusted S&P 500 Price-to-Earnings Ratio