The stock market is overvalued from any perspective

Might there be a way to wriggle out from underneath the bearish message of the stock market’s overvaluation?

Tantalizing as this possibility might be, it does seem remote. Take the Cyclically-Adjusted Price Earnings (CAPE) ratio, for example, which was made famous by Yale University finance professor (and Nobel laureate) Robert Shiller. It has one of the best historical track records when forecasting the stock market’s subsequent 10-year real total return, and its current level is higher than 95% of monthly readings since…