Is the market historically cheap or expensive?

Six gauges, each answering a different question. Two on valuation — what the market costs against the economy and against a decade of earnings. Two on sentiment — what people are paying for protection and what they say they expect. Two on money — the discount rate under every valuation and the size of the liquidity tide.

None of them times anything. Each one tells you something about the price you are starting from.

Sources: FRED (St. Louis Fed) · multpl.com · CBOE · AAII · Federal Reserve H.4.1. Readings are published for information only and are not investment advice.