Robert Shiller (he of the CAPE Shiller ratio to better determine company price earnings ratios by ‘A’djusting the traditional measure of ‘P’rice ‘E’arnings by a ‘C’yclical factor which takes into account inflation’s impact on the [moving] average of ten years of earnings) is a renowned Nobel prize-winning economist, and he has been calling the equity bull market ‘long in the tooth’ for many months now, but he sees no sign of an imminent reversal in US indices.

 

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