“Despite rising since mid-March, most measures of equity valuation are not in bubble territory. The price/12-month trailing earnings ratio, and Shiller’s ratio of the price to average real earnings over the past decade (the CAPE), for the S&P 500 are both on the high side by the standards of the past two decades. But they are still a bit below their levels in late 2018, and far below their dotcom peaks,”
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