How looking at averages to judge stock valuations can mislead you

If the current valuations are over that of a long-period average, then it is supposed to be an indication of expensiveness of the market and vice versa. However, I believe adjustments need to be made to any such study based on averages.

from Wealth-Economic Times https://economictimes.indiatimes.com/wealth/invest/how-looking-at-averages-to-judge-stock-valuations-can-mislead-you/articleshow/84397865.cms