From Yahoo Finance:

Despite being historically expensive, investors are still encouraged to buy stocks, according to Bank of America. The S&P 500 is currently statistically expensive, but the underlying companies are more profitable than in the past. The index is half as levered, higher quality, and has lower earnings volatility compared to prior decades. The S&P 500’s profit margins have also doubled. As long as corporate earnings remain steady, stock prices are predicted to continue climbing. Bank of America projects a potential upside of 9% for the S&P 500, suggesting a fair value of ~5500.



Read more at Yahoo Finance: Why investors should buy into an ‘egregiously expensive’ stock market, Bank of America says