A tibit in the bottom of this post:
http://discussion.fool.com/1000-30440915.aspx
On the last graph, our earnings yield is below 5% now, this is using trend earnings as defined in post. The last sentence indicates 10 year forward returns from here are 1%/year.
We will need to beat the market and Saul has shown we certainly can, but by most means of looking at market valuation we are highly valued right now. I have not seen any claim otherwise. This can certainly persist for a long time, but good to keep in the back of our minds.
Gator