"This is a dangerous time," warns Nobel laureate Bob Schiller as he warns of the false signal that typical P/E ratios are misleading and in fact his CAPE ratio (looking through the cycle) implies "fair value" for The Dow should trade around 11,000 and around 1300 for the S&P 500. "There is a risk of a substantial decline," he adds, warning that the recent rebound "maybe someone's good will effort to stabilize the market," and in fact the market's valuation is high now and people are over-exposed..." (Via Zero Hedge)
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