In 2018, Research Affiliates wrote an article called CAPE Fear: Why CAPE Naysayers Are Wrong. One of the naysayers was yours truly.
I tweeted that quote in July 2017, as the CAPE ratio crossed 30 for just the third time ever. The two other markets that saw such lofty valuations were 1929 and 2000. Gulp.
To be very clear, at that time, I was in the “lower your return expectations camp” due to a combination of…
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