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

On the Shiller CAPE, U.S. stocks are back in the stratosphere, the kind that thrills investors on the way up and has a habit of burning them on the way down. Levels like this have a track record of slimmer returns and higher risk.

Image: Goldman Sachs Global Investment Research

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