Overvaluation is forever the Great Humbler. When the earnings yield declines to 5%, the reciprocal of the price-earnings ratio of 20, you stand in dangerous territory. Postwar history of financial markets bears witness.
Overvaluation is forever the Great Humbler. When the earnings yield declines to 5%, the reciprocal of the price-earnings ratio of 20, you stand in dangerous territory. Postwar history of financial markets bears witness.
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