Stocks are more overvalued now than at 2000 and 2007 peaks even by conservative metric

``Ned Davis's latest report focuses on something different: the median stock's price/earnings and price/sales ratios. The median stock, of course, is the one for which exactly half have higher ratios and half have lower. By focusing on the median, Davis's findings are immune from the charge that they are being skewed by outliers -- such as the terrible earnings among energy companies.''