Four years after the bull market began, the Dow Jones Industrial Average (DJINDICES:^DJI) and S&P 500 (SNPINDEX:^GSPC) are at or near all-time highs. But does that mean the stock market is expensive right now?

In the following video, Fool markets analyst Mike Klesta talks with contributor Dan Caplinger about a couple of ways to slice and dice the valuation of the stock market, as well as a surprising sector to consider for value investments.

Fool contributor Dan Caplinger, Mike Klesta, and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.