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Are Stocks Cheap Or Expensive Right Now? Maybe Neither

Forget, if you can, the day-to-day craziness in the stock market. Here’s a broader question: After the big declines of the past several months, are stocks cheap? Are they still expensive?

By one measure, stock prices are not particularly high or low — they’re valued very close to their 50-year average, as Jason Zweig pointed his latest WSJ column.

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