The provided chart illustrates the monthly S&P 500 Earnings Yield. The historical average stands at 7.22%, while the latest yield is 4.11%, indicating a lower value compared to the historical average. This suggests that S&P 500 stocks have become relatively more expensive than the historical average.
In addition, the second chart displays the S&P Price to Book Value on a quarterly basis. The historical average for the S&P 500 price to book value is 2.99, whereas the latest value is 4.1. This implies that S&P 500 stocks have become even more expensive.
In summary, both charts indicate a trend of increased expense in S&P 500 stocks, with the earnings yield and price to book value surpassing historical averages.
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