The recent run in stocks has taken markets above the level seen on the evening of the 1929 stock market crash and the recent peak in January 2018 considering the CAPE cyclically adjusted price-to-earnings ratio (CAPE) created in part by Robert Shiller. The CAPE ratio captures the ratio of the real (inflation-adjusted) share price to the 10-year average of real earnings per share, and is as one measurement to assess how expensive stocks have become.