Is the market cheap or expensive? Syl Michelin explains why the current valuation spread makes it challenging to formulate an answer to that question.

Is the market cheap or expensive? Syl Michelin explains why the current valuation spread makes it challenging to formulate an answer to that question.
At a glance, the S&P 500 in 2020 looked like the same U.S.-dominated bull market of the last decade. But what trends were at play and how have they shifted since 2009?