Stocks shouldn’t be deemed high or low based on an absolute level. Instead, we should compare stock prices to their underlying business profits. It’s tempting to think stocks are at an all time high. But that’s not true. In fact, U.S. stocks are cheaper today than they were 19 years ago.

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Are Stocks At An All-Time High? Not If You Measure Right
My 17-year old niece works part-time at a supermarket. She earns about $13 an hour. When I was her age, back in 1987, I worked at a different supermarket and earned $10.35 an hour. On the surface, it looks like my niece makes more money per hour than I did. But that wouldn’t exactly be rig…