There Are No Cheap Stocks Anymore... Literally
![There Are No Cheap Stocks Anymore... Literally There Are No Cheap Stocks Anymore... Literally](https://5ux.com/sites/5ux.com/files/styles/medium_250/public/resize/remote/ae66f74f1cf8fc241f575df214cea369-600x384.jpg?itok=DK3GeNPG)
The S&P is substantially overvalued on 18 of 20 valuation metrics, with the only exceptions being free cash flow (helped again by depressed capex), and relative to small caps/bonds - the Fed's favorite indicator - where yields remain depressed thanks to the Fed's failure to stimulate wage inflation for nearly 9 years.
But as the relative collapse of the equal-weight S&P relative to the market-cap-weighted S&P, all the gains have gone to the biggest names...