The doomsayers say stocks are overvalued. The data says something very different.

As of May 8th, 447 S&P 500 companies reported Q1 earnings — 84% beat estimates, with average earnings growth of 26.8%. Meanwhile, the forward P/E ratio actually dropped nearly 4%, meaning stocks are cheaper today than they were at the start of the year.

LPL Research Portfolio Strategist George Smith breaks down why the relationship between price and earnings is the most important dynamic in markets right now — and what it means for your long-term investing plan.

The facts don't lie. Tune out the noise.