Asset valuations are at highs and rising.

Judge as of 2025-11-12 against standard valuation measures for major asset classes, chiefly US and global equities (e.g., S&P 500 forward P/E, Shiller CAPE, market-cap-to-GDP), together with credit spreads and other major assets such as gold. 'At highs' means at or near all-time or multi-decade highs, for example in the top decile of history. 'Rising' means up over the preceding several months. TRUE: major valuation measures were at or near historical highs and had been rising into November 2025. MOSTLY TRUE: valuations were at or near highs but the recent trend was flat or only slightly up, or one major asset class was an exception. MIXED: valuations were at highs for some major asset classes, such as US equities, but not for others, or were high but falling. MOSTLY FALSE: valuations were elevated but clearly below historical highs on standard measures. FALSE: valuations were near or below historical averages.

Set before the research began.

1. E1 November Market Outlook Cambridge Trust · 24 November 2025

   “The S&P 500 forward P/E multiple continued to expand, closing the month at 23x.”

2. E2 November Market Outlook Cambridge Trust · 24 November 2025

   “While credit spreads remain historically tight, all-in yields are still attractive.”

3. E3 November Market Outlook Cambridge Trust · 24 November 2025

   “Credit underperformed as spreads moved wider. Investment grade increased by 5-basis points and high yield by 9-basis points.”

4. E4 FactSet Earnings Insight FactSet Research Systems Inc. · 7 November 2025

   “The forward 12-month P/E ratio is 22.7, which is above the 5-year average (20.0) and above the 10-year average (18.6). However, this P/E ratio is slightly below the forward P/E ratio of 22.8 recorded at the end of the third quarter (September 30).”

5. E5 FactSet Earnings Insight FactSet Research Systems Inc. · 7 November 2025

   “The trailing 12-month P/E ratio is 29.0, which is above the 5-year average of 25.1 and above the 10-year average of 22.8.”

6. E6 FactSet Earnings Insight FactSet Research Systems Inc. · 7 November 2025

   “Since the end of the third quarter (September 30), the price of the index has increased by 1.6%, while the forward 12-month EPS estimate has increased by 2.0%.”

FactSet shows the S&P 500 forward P/E at 22.7 and the trailing P/E at 29.0 in early November 2025, both above their 5- and 10-year averages (E4, E5). That shows valuations were elevated, but none of the evidence places them at all-time or multi-decade highs or in the top decile of history. The evidence also doesn't include Shiller CAPE, market-cap-to-GDP or gold. Credit spreads were described as historically tight (E2) but widened slightly over the month (E3). On the trend, the forward P/E was slightly below its September 30 level (E4), while another source says the multiple continued to expand (E1). Together, the evidence doesn't settle whether valuations were "at highs and rising" under the criteria.