There has been lots of talk about the value of US equities. That according to long-run averages US equities are pricey. One of the measures used is the CAPE (cyclically adjusted P/E ratio). Here is a great graphic that not only shows the CAPE since 1881, but add lots of context by annotating key historical events on top of it. Now this chart is a little bit dated, and so let me update below with the most recent data in there. (See the most up-to-date CAPE readings here - http://www.multpl.com/shiller-pe/)