Relative to long-term corporate earnings, stocks remain more expensive than at any point from the late 1940s through the early 1990s. nytimes.com|By David Leonhardt

If the Price Earnings Ratio is still above 24, it is still high, and stocks are still expensive. A PE of 15 to 20 is probably average historically.
Price/Earnings = PE. A $20 stock that pays a $1.00 dividend annually, has a PE of 20/1 which equals 20.

Part of the Problem: Stocks Are Expensive

Relative to long-term corporate earnings, stocks remain more expensive than at any point from the late 1940s through the early 1990s.

nytimes.com|By David Leonhardt