This shows U.S. stocks most expensive since WWII

Jim Paulsen
Adam Jeffery | CNBC
Jim Paulsen

U.S. stocks are trading at their highest level relative to earnings since WWII, according to one measure that comes from Jim Paulsen of Wells Capital Management.

The median price-earnings ratio of stocks on the New York Stock Exchange is slightly higher than 20 times, more than the readings around 19 hit during bull markets in 2005, 1998 and 1962, according to Paulsen's note to clients Thursday.

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