Growth stocks are more overvalued as they were in the 2000 bubble

If Value stocks are extremely cheap versus the market, it is necessarily the case that Growth stocks are very expensive. In absolute terms, that is even more true, given that the overall market is trading at elevated valuations relative to history.

This chart shows the median price/sales of the Growth half of the U.S. stock market.

On a price/sales basis, Growth stocks are even more expensive than they were in 2000, and while they are not quite as extreme on a P/E basis, they are certainly far more expensive than any time before or since.