From Meb Faber:
I jabber a lot about valuation metrics here, and I mentioned this one on Twitter the other day. Its doesn’t need much explanation – the median stock in the S&P 500 is the most expensive it has even been (for as long as we have data). That’s never a good sign!
If your favorite valuation indicator is not at “the highest ever” , many valuation indicators and now at “the highest ever except 2000″. That’s not good company unless you are a short seller.
– See more at: http://mebfaber.com/2015/03/13/stocks-are-the-most-expensive-since-the-1960s/#sthash.fG4wlNNm.dpuf