Stack up U.S. equities next to almost anything that is used to measure value right now, and the picture can elicit anxiety. Up 13 of the past 15 weeks, the S&P 500 is trading at historically high levels versus earnings, expected profits and sales.
Does that mean there’s no way to justify putting more money into a market where the Dow Jones Industrial Average has surged almost 4,000 points since August? No. Or at least, not theoretically.
