As the S&P 500 reaches a new high, investors are increasingly alarmed by its valuation. And rightly so! Nearly every traditional valuation measure suggests the stock market is trading near all-time record levels. If conventional valuation models are accurate, the stock market appears to have very little upside potential and, ultimately, considerable downside risk.
Aug
24
2020
Output Gap Adjusted Price/Earnings Multiple
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![James Paulsen / Chief Investment Strategist](https://leuthold.imgix.net/leutholdgroup.com/site_files/authors/DSC_2988_LR_Jim.jpg?h=150&w=150&fit=crop&fp-y=.15)