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If I look at the price-earnings ratio on the S&P 500, it’s in the 99th percentile compared to the last 30 years. But if you think stocks are expensive, have you looked at bonds recently? And if you compare the valuation of stocks -- that PE ratio, and you can invert it and look at the yield, which makes an easier comparison -- with bond yields and in particular real rates -- the yield you get on bonds after inflation -- then you get to the conclusion that it’s in the bottom 1%. So stocks are as cheap as they’ve ever been.