No One Knows What the "Value" of Stocks Are Today

I’ve made my opinion on valuations and the use of CAPE pretty clear - these sorts of metrics don’t tell us much about the macro environment because the whole idea of ” value” is dynamic and evolving. If I am right then trying to calculate a market “value” through these types of metrics is likely to mislead you into thinking that the market is static and more predictable than it really is.