An Old Friend: The Stock Market's Shiller P/E

November 2012
Source: AQR Capital Management
Clifford S. Asness



The author examines the current valuation accorded U.S. equities, as represented by the S&P 500 Index, and concludes that, based on the Shiller price to earnings ratio, a measure of normalized earnings, the expected real return for stocks over the next decade is unattractive.
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