Do Stock Market Valuations Matter?

Every single day we are barraged with an array of conflicting data about the stock market. “Stocks are expensive,” says Guru A. In the same conversation, Guru B proclaims, “Stocks are cheap.” With the S&P 500 (NYSEARCA:SPY) hitting all-time highs, do stock valuations matter? Using reported price-to-earnings ratios (P/E) for the trailing twelve months is …

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