Recent analyses indicate that the S&P 500 is currently one of the most expensive markets in history, with valuations exceeding historical averages on 19 out of 20 metrics. According to a Bank of America analysis, the Shiller P/E (CAPE) is over 100% above its historical average. The forward P/E ratio for the S&P 500 stands at 22x, the highest since the 2020-2021 period before the bear market began. Comparatively, European stocks trade at a P/E of 14x, representing a nearly 40% discount to the S&P 500. The S&P 500's valuation suggests an estimated annual return of only 2.9% over the next three years, with current year-to-date gains at 22.5%. Furthermore, the Buffett Indicator, which measures the total market cap-to-GDP ratio, has reached an all-time high, reinforcing concerns about market overvaluation. Historical comparisons show that the S&P 500 has been more expensive only during the Dot-Com Bubble and in 2021.