According to one valuation model that has a stellar long-term record, stocks are now more overvalued than they have been since 1969 — almost half a century ago.

The model to which I refer is based on a single number published each week in the famed Value Line Investment Survey, published by Value Line, Inc. The number represents the median of the projections made by Value Line’s analysts of where the 1,700 widely-followed stocks they closely monitor will be trading in three- to five years’ time. Followers refer to this number as the VLMAP, which stands for Value Line’s Median Appreciation Potential.