Well, it's been another top day for the S&P/ASX 200 Index (ASX: XJO) and many ASX 200 shares this Friday. Fresh from minting a new all-time record high just yesterday, ASX investors clearly aren't done.
At the time of writing, the ASX 200 Index has added a further 0.47% and has lifted over 8,530 points. That's after touching another new all-time high of 8,566.9 points this morning.
As you may be gathering, 2025 has been exceptionally kind to ASX shares so far. Since the start of the year, the ASX 200 has climbed by a healthy 4.02%. Investors have now enjoyed an 11.1% gain since this time last year.
Saying all of this, many investors might be feeling a growing reluctance to invest even more dollars into ASX 200 shares right now. After all, the gains we have seen with the index over the past 12 months have certainly been above the long-term average. And the ASX 200 is literally at a new all-time high today. Not exactly ideal conditions for any investor who might like to 'buy low, sell high', one might argue.
So, can ASX 200 shares ever be a bargain when the index is at or near an all-time high?
Buying ASX 200 shares at all-time highs?
Well, we can look at this question from two different angles.
Firstly, for an investor who simply wants to invest passively by buying ASX 200 index funds, there's arguably never a bad time to invest. The ASX 200 has always gone up far more often than it has gone down. As such, it's not uncommon to see the index at all-time highs.
If one had made an ASX 200 index fund investment back in August 2021, it would have been at an all-time high. And yet today, the index is now 11% higher than it was back then. Plus, our investor would also have enjoyed a steady stream of dividend income over the past three-and-a-half years to boot.
As such, it's hard to call this move a mistake with the benefits of hindsight.
Investors should keep this scenario in mind when contemplating a share market investment today.
Secondly, just because the overall market is at new heights doesn't mean all ASX 200 shares are as well.
The Australian share market is still full of ASX 200 shares that look cheap today compared to where they were trading this time last year.
BHP Group Ltd (ASX: BHP)? It's down more than 15% since late January 2024.
It's the same story with Woolworths Group Ltd (ASX: WOW).
CSL Ltd (ASX: CSL) shares are 7.2% cheaper today than they were a year ago.
And you can buy ASX 200 energy share Woodside Energy Group Ltd (ASX: WDS) at a 23.5% discount.
Now, I'm not saying all of these ASX 200 shares are a 'bargain' today. Many have fallen for a good reason.
What I am saying is that there are still potential bargains to be found, even with the markets at new highs today. You just need to find them.
