Investing - Theory, News & General • Re: how to think about stock valuations and bond yields reaching highs at the same time

with stock valuations reaching highs near or at the 2000 peak

Ah, but is this actually true?

There are different possible valuation measures. I personally prefer forward P/Es. Charts available here:

https://yardeni.com/charts/global-index ... rward-p-es

If you look at Figures 3 and 4, both US and ex-US stocks are now below their local peaks earlier this year, and below 2021 levels, and below 2000 levels.

That said, US stocks are still in the high side of their recent range. But ex-US stocks? Not the lowest they have been, but more middling than actually high.

So what if you combine them? Well, look at Figure 3 compared to Figure 4, and it is exactly what you would expect--All Country World slots between US and ex-US.

OK, so a global portfolio today is not, in my view, at historic high valuations. And ex-US stocks in particular really nowhere near historic hghs, although above historic lows.

Statistics: Posted by NiceUnparticularMan — Tue Aug 18, 2026 2:24 pm