Lsbcal
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This article has links to a Financial Times article by Jeremy Siegel and also a longish video talk he gave: Jeremy Siegel: Stocks Are the Most Stable Asset Class in the Long Run | Enterprising Investor
Anyway for those using PE10 as a compass, this sort of thinking has to be examined before rejecting it.
There is more detail in the links. He also discusses some reasons he thinks arguments of high historical profit margins are overstating the case.Many have focused on the CAPE ratio to argue that stocks are richly valued, but the S&P 500 (SPX) earnings data suffer from an aggregation bias in which large losses from a few companies can offset the earnings of the rest of the index. The S&P 500 treats companies as if they were a single corporation with 500 divisions. Of course, this approach to constructing the S&P earnings is wrong, particularly when there are large losses generated by a small number of firms. Importantly, P/E ratios computed from the S&P earnings data set are problematic, and these problems are amplified when one uses CAPE to examine cycles.
Anyway for those using PE10 as a compass, this sort of thinking has to be examined before rejecting it.