There is much discussion today about whether equities are overvalued. Stock market observers who believe this to be the case often cite the very high level of the Shiller Cyclically Adjusted Price-to-Earnings (CAPE) 10 ratio. As I write this, the Shiller CAPE 10 stands at roughly 24.7, way above its historical average. Among those using this argument are Jeremy Grantham and John Hussman.
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