Stock Market For Sale. That doesn’t make it cheap.

U.S. stock market valuations have fallen faster than in the aftermath of the dot-com crash, recording the biggest declines in 6, 12 and 18 months since price-to-earnings data. futures began in 1985. That should have been a light consolation for investors.

Start with the good news, like: Cheaper stocks are a good thing for people investing right now, and they’ve become so much cheaper in a very short time. The valuation of the S&P 500 is not falling so rapidly relative to the market as a whole, but on a longer-term metric — Yale professor Robert Shillerprices are cyclically adjusted for earnings — the drop from November’s peak is larger than in the span of just two since 1881, after the crash of 1929 and dot-com.

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