Good piece by Brett Arends in The Wall Street Journal about the expensiveness of U.S. stocks, on average, as measured by Tobin's q and the 10-year P/E. Link is here (I think it will work without registration). Ignore his piece's headline, which I am sure an editor wrote.
The piece Arends wrote is not dissimilar to a post I put up last week.
[Edited 10/22/12.]
