Bear
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BEAR.
Bear Tour, a case for a secular bear market. Shiller's 10 Year PE
Stocks Remain Expensive – Shiller’ Shiller’s view In his book “Irrational Exuberance,” Yale Professor Robert Shiller examines the market’s valuation with a more normalized view of earnings. There, he compares the market’s price to a rolling 10year average of earnings. Stocks appear expensive using this measure as well.
Period ending May 2005
50 45 40 35 30 25 20 15 10 5
Jan-05
Jan-02
Jan-99
Jan-96
Jan-93
Jan-90
Jan-87
Jan-84
Jan-81
Jan-78
Jan-75
Jan-72
Jan-69
Jan-66
Jan-63
Jan-60
Jan-57
Jan-54
Jan-51
Jan-48
Jan-45
Jan-42
Jan-39
Jan-36
Jan-33
Jan-30
Jan-27
Jan-24
Jan-21
Jan-18
Jan-15
Jan-12
Jan-09
Jan-06
Jan-03
Jan-00
0
a couple of sites to read…. http://www.fpanet.org/journal/articles/2006_Issues/jfp0306-art7.cfm?renderforprint=1 especially this one for the long term perspective… http://www.crestmontresearch.com/content/market.htm
Bear Tour, a case for a secular bear market. Shiller's 10 Year PE
Stocks Remain Expensive – Shiller’ Shiller’s view In his book “Irrational Exuberance,” Yale Professor Robert Shiller examines the market’s valuation with a more normalized view of earnings. There, he compares the market’s price to a rolling 10year average of earnings. Stocks appear expensive using this measure as well.
Period ending May 2005
50 45 40 35 30 25 20 15 10 5
Jan-05
Jan-02
Jan-99
Jan-96
Jan-93
Jan-90
Jan-87
Jan-84
Jan-81
Jan-78
Jan-75
Jan-72
Jan-69
Jan-66
Jan-63
Jan-60
Jan-57
Jan-54
Jan-51
Jan-48
Jan-45
Jan-42
Jan-39
Jan-36
Jan-33
Jan-30
Jan-27
Jan-24
Jan-21
Jan-18
Jan-15
Jan-12
Jan-09
Jan-06
Jan-03
Jan-00
0
a couple of sites to read…. http://www.fpanet.org/journal/articles/2006_Issues/jfp0306-art7.cfm?renderforprint=1 especially this one for the long term perspective… http://www.crestmontresearch.com/content/market.htm
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