Could there be a way to escape the bearish message of stock market overvaluation?
As tempting as this possibility may be, it seems remote. Take for example the Cyclically-Adjusted Price Earnings (CAPE) ratio, made famous by Yale University finance professor (and Nobel Prize winner) Robert Shiller. It has one of the best historical track records in predicting the next 10-year real stock market total return, and its current level is above 95% of monthly readings from…
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