June 05, 2010 at 16:21 PM EDT
The cheapest stock market in 20 years
I don’t have a problem with investors who are bearish on the stock market and the U.S. economy. After all, official unemployment is near 10%. U6 unemployment, which includes those who are underemployed or have simply given up looking for work, is significantly higher. The housing market is likely to only gradually improve over the next couple of years. There’s record government debt here in the U.S. and in many other countries. But the bears need to take another look before they add high stock valuations to the laundry list of downside catalysts. Because the numbers say stocks are as cheap as they’ve been since 1990.  *****Sure, it’s easy to look at the 79% move by the S&P 500 and think stocks must be expensive. …
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