The US stock market has been having a stellar run – so much so that many investors fear it is overpriced.

Since early 2023, the benchmark S&P 500 has risen more than 60 percent, hitting all-time highs despite headwinds ranging from US President Donald Trump’s tariffs to concerns that artificial intelligence (AI) may be overhyped.

For investors, the explosive growth has come at a cost: by some measures, US stocks are pricier than ever before.

An investor buying into the S&P 500 last week had to fork over $3.25 for every $1 in revenues generated by its 500 constituent firms, according to GuruFocus, the highest price-to-sales ratio on record.

While US stocks look less expensive when compared against forecasts of company profits, the benchmark index is still trading at more than 22 times f

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