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
1. Stock prices increasing, and
2. Company earnings falling
This information plus $4 might
get you an overpriced "latte sprittzo" at Starbucks.....