Even the most generous of valuation gauges shows the U.S. stock market is overvalued

Can companies’ “intangible assets” rescue the stock market from being extremely overvalued?

I’m referring to a valuation gauge known as the price-to-book ratio. As you might recall from my previous reviews of the eight valuation indicators with the best long-term records, the S&P 500’s SPX price-to-book ratio currently is higher — and therefore more bearish — than at almost any other time in recent decades.

As…