The Dow Jones Industrial Average has returned 25% to investors so far this year and that's in large part to an expansion in P/E multiples. A year ago, the Dow traded for 14.5 times earnings and today the ratio is up to 16.4. 

The two top stocks on the market are Boeing (NYSE:BA) and American Express (NYSE:AXP), who have both seen their stocks rise far faster than earnings. But it's Tesla Motors (NASDAQ:TSLA) that may be the best example of what the market has been all about in 2013. Despite not making a profit, the stock is up 304%, simply because expectations for next year and beyond have gone through the roof. 

Erin Miller sat down with contributor Travis Hoium to see what he thinks about 2013 and what to watch for in 2014. 

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool recommends American Express. It recommends and owns shares of Tesla Motors. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.