Assessing the Nasdaq's current trading multiples and history

Nasdaq trades at 25 times earnings, which is a bit rich compared to its low 20s range. However, it has improved from its highs of 30, 35, and 40 times earnings a year and a half ago. The tech sector's valuation today is close to the long-term average, but it doesn't offer the same discount as 10 years ago. The equity market screens expensive compared to history, ranking at 80-85th percentile, but it doesn't look too expensive relative to the overall market or macro environment.