Barry Ritholtz, Columnist

How Expensive Are Stocks -- Really?

Investing isn't easy. Trying to make it simpler won't make it any easier.

March 3, 2017 at 2:19 PM EST

Barry Ritholtz is a former Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”

I. Don't. Know.
Photographer: Spencer Platt/Getty Images

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Here's an interesting analysis that should not be overlooked. Charles Lieberman here at Bloomberg View looks at whether the stock market is overvalued. He concludes it is not, but it’s his analysis, based upon a dividend discount model, that I want to point out. It is a much more nuanced case for moderate stock valuations than the Wall Street Journal's recent argument that, in the wake of oil's collapse, stocks are cheap.

As Lieberman observes of the price-earnings ratio:

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