Stock Market Still Doesn't Look Particularly Expensive

I recently argued that today's stock market is not at all like the 1997-2001 dot-com bubble and that, in fact, the simple benchmark developed by John Burr Williams, the original value investor, indicates that investors can anticipate a long-term return on the S&P 500 that will be well above the return on Treasury bonds. Today, I look at another investment benchmark that suggests that stocks are not at all bubbly.