The good news is stocks are getting less expensive. The bad news is that’s happening because they’re falling. The price-to-sales ratio of the average stock in the Russell 1000 is back to pre-pandemic levels, falling roughly one-third from its 2021 highs.
Cheap stocks aren’t bringing down the average, it’s the expensive stocks that are doing it. The highest decile of stocks in the Russell 1000 trad…
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