Just thought I would pass along the following-
From Goldman Sachs Global investment Research:
The S&P 500 index trades at a forward P/E of 17.2x, the highest level in the past 40 years outside of the Tech Bubble (see Exhibit 3). The median stock trades above 18x, ranking in the 99th historical percentile since 1976. Other metrics show a similar picture of stretched valuations, attracting investors looking for overvalued stocks that will prove especially profitable shorts should multiples revert toward historical averages.
Party on!