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.