I've been watching this M* "market valuation graph" the last bunch of years.
Morningstar.com: Market Valuation Graph
I haven't fully tried to understand methodology how they get valuations - and I don't know how "forward looking" they are.
Looks like we're at 0.85 now, with "all time low" since data started of 0.78 in 2002.
So I'm suprised we're already approaching 2000-2002 "undervaluation levels". But watch how valuations can "bump positive" and then drop again.
And valuations can go up by one of
two things happening:
1. Stock prices increasing, and
2. Company earnings falling
This information plus $4
might get you an overpriced "latte sprittzo" at Starbucks.....