In the debate about whether the US stock market is currently overvalued, analysts have any number of valuation metrics to choose from. Most of them give comparable results (expensive, but not a bubble), so it surprising to see Goldman Sachs argue that it the current multiple is just 18.1x compared to a historic average of 17.2x (for comparison, the S&P 500’s Shiller PE ratio is currently at 24.91x compared to a historic average of 16.52x). “Normalized valuation looks less stretched than other metrics such as P/E, cyclically adjusted P/E, and our macroeconomic model,” write Goldman Sachs analysts Stuart Kaiser, David…