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infrared 6s black index are expected to earn over the next 12 months, according to FactSet, a data provider. That is slightly above the 10-year average of 14.1 times.Stocks are not cheap, says Aaron Jett, head of stock research at Bel Air Investment Advisors. But we re not in bubble territory. The problem is, P/Es are often not reliable gauges of stock value. They are based on just one year s earnings. Those can surge due to a pickup in the economy or collapse during a slowdown.Many experts believe a better P/E is a cyclically adjusted one, which is championed by Yale economist Robert Shiller. And that is showing that stocks are overpriced.The cyclically-adju
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