Originally Posted by samclem
There are lots of factors that explain why the 47 year historical returns of Greek equities at the present PE10s will not be a good guide to the future.
That's the nature of value. There's always lots of good reasons not to own cheap securities. That's why they're cheap. And lots of good (or at least somewhat plausible) reasons to own expensive securities. That's why they're expensive.
Whether or not anyone finds any of this useful is mostly a matter of investment style, temperament and discipline.