Australian investors face a question that is both urgent and perennial. The share market as a whole is near its highest point yet. The S&P/ASX 200 index has more than doubled in value since the lows of the global financial crisis and, despite three corrections along the way, has essentially risen for 10 years. Is the market over-valued? Is a major fall on the way?
The trouble is that neither question has a straightforward answer.
