Is the S&P 500 Historically Expensive or Cheap? The Answer Depends on How You Look at It.

The S&P 500 index appears both historically cheap and expensive, depending on the metric used for valuation.

The article discusses various valuation metrics, such as the cyclically adjusted price-to-earnings ratio (CAPE) and the price-to-book ratio.

The author notes that the current valuation of the S&P 500 index is mixed, with some metrics suggesting it is cheap and others indicating it is expensive.