If You Used Valuation, You Would Be Out of Stocks Since 1993

Let’s say you are a macro value investor, and let’s say you particularly liked using the CAPE ratio.  Well, one argument against CAPE is that is has held an expensive rating on stocks for a looong time.  How long? Since 1992!  Stocks ended 1992 at a value of 19.8 (prior year was 15.7).  If you…

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