We identify model-free mispricing factors and relate them to global stock prices and investor beliefs. The factors are model-free as they measure variation in the relative prices of assets with the same cash ows. We design three factors to re ect the beliefs and capital ows of important clientele: investors in United States (US), developed, and emerging stock markets; and individuals and institutions. Together the three factors capture most (52%) of the systematic variation in price premiums of individual securities. These factors strongly predict US, developed, and emerging market stock returns. They also explain most (58%) of the variation in US stocks' valuation ratios. Further evidence suggests that stock mispricing is related to investor overreaction to long-term cash ow news and limits to arbitrage.