The average of four fundamental valuation measures shows a market nearly two standard deviations (82%) above its historical norm:
Source: Advisor Perspectives, October 6, 2016 https://www.advisorperspectives.com/dshort/updates/2016/10/04/market-remains-overvalued
Remember, asset price inflation (speculative return) contributes a very small amount towards total return over the long haul. Since 2012, however, speculative returns have been in the double digits while long-lasting fundamental returns have been minimal:
Source: Bogle eblog
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