Great Business, But Valuation Is Sky-High

NIO Inc. (NIO) designs and manufactures high-tech electric vehicles in China. As a major player and innovator in connectivity, autonomous driving, and artificial intelligence technologies, it competes directly with Tesla…

Here’s why Robert Shiller’s two stock-market indexes are telling wildly different valuation stories.

When making the argument that stocks are overvalued, one index often is trotted out — the cyclically adjusted price-to-earnings ratio popularized by Robert Shiller, the Yale professor and Nobel laureate.…