Here’s a sobering thought as earnings season begins in earnest:There have been only four other occasions over the last century when equity valuations were as high as they are now, according to a variant of the price-earnings ratio that has a wide following in academic circles. Stocks on each of those four occasions would soon suffer big declines.This modified P/E was made famous in the late 1990s by Yale University professor Robert Shiller, particularly in his book “Irrational Exuberance.”
Source: http://www.realclearpolitics.com/2011/04/12/from_here_history_bodes_ill_for_the_market_253655.html
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