Nothing’s cheap, but one asset class offers interesting opportunities

We live in a world of increasingly expensive assets. One oft-cited equity market measure, the cyclically adjusted price-earnings multiple, is now sitting at 39 times, notably above its prior 2021 peak.

In fact, it is 45 per cent higher than the median multiple since January 1, 2008 (you get similar numbers if you start the analysis in January 2000). It looks much worse if you go back further in time: the median multiple since 1870 is just 16. Loading...