What do Peak Valuations of the Last 15 Years Look Like?

We've been highlighting recently the current seemingly excessive level of stock valuations (here, here & here), so we thought it only fitting to dig a little deeper into the puzzle. Below we show pictures of the five sectors of the world stock market whose median constituent Price/Sales ratio is furthest above the average since 1999.











And here is the full list of world stock sectors and the median stock's Price/Sales ratio relative to the long-term average. Out of 30 sectors, there are only 6 in which the median stock is trading at a lower than average multiple (the sectors in green at the bottom of the table).  And unfortunately, most of those sectors only have a few constituents, so the picking is slim.