About Are Stocks Cheap?
Are Stocks Cheap? is an independent project with one aim: to be the clearest, fastest, best-sourced place to see how expensive the world’s stock markets are — and how today’s readings compare with decades of their own history. It covers the Global and US CAPE ratio, the Buffett Indicator, dividend yield, the trailing P/E, country-level valuations, and a CAPE-based expected-returns model.
Who writes this
Where the data comes from
Every number is built from public, authoritative sources, and each page names the source it uses:
- US CAPE & dividend yield — Robert Shiller’s monthly S&P Composite dataset (1871–present).
- US trailing P/E — multpl’s S&P 500 earnings-based series.
- Buffett Indicator — total US corporate equity value ÷ GDP, both from the Federal Reserve (FRED).
- Country & Global CAPE — see the caveat below.
What is measured, and what is estimated
We are deliberate about this because it is where most valuation sites are vague. The US series above are measured. The single-country CAPEs are clearly-labelled estimates: long-history, per-country ten-year real earnings is not available for free, so those series are built by anchoring a recent CAPE level and rolling it through history with a free ETF price proxy. The headline Global CAPE is a cap-weighted blend of three robust legs (real US CAPE plus two anchored regional ETFs), not a sum of the country estimates. The full assumptions are on the methodology page.
Editorial standards
- Sources are named on every metric, and estimates are labelled as estimates — never presented as measured data.
- Data is refreshed automatically and each page shows the date of its latest observation.
- This is information, not advice. Nothing here is financial advice or a recommendation to buy or sell anything.
Corrections
If you spot an error, please tell us — accuracy matters more than being right. Email dom@newsletter.arestockscheap.com and we’ll fix or explain it.