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The Shiller CAPE is probably a better metric for judging the S&P: https://www.multpl.com/shiller-pe



Notice Shiller has a more interesting metric, Excess CAPE yield, which also accounts for interest rates[0]. It gives a less negative view of the current equities market, but still shows it as expensive.

[0] https://fortune.com/2021/01/25/stock-market-value-metric-rob...




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