The U.S. is now one of the priciest equity markets in the world, according to data from StarCapital, which ran the numbers on CAPE ratios. The measure, which stands for cyclically adjusted price/earnings ratio, often rises before a bear market, and is now at its highest level since the dotcom bust. Stocks in the developing world are looking cheap by comparison.
Related: Will the U.S. Stock Market Go Into a Correction?
A version of this article appears in the Sept. 1, 2017 issue of Fortune with the headline “Is the Stock Market Too Hot?”