Great article.* *Probably about a year's worth of thread fodder in there.
In case the link above didn't work for you, try this one
I didn't follow his argument against the fed model, though.* *He argues that you can't compare E/P to the yield on the 10-year because E/P is real and the 10-year is nominal.
If he really believed that, then we should be comparing E/P to the real yield, which is about 2%.* *So stocks should be fairly valued at a P/E of 50 today by his logic, which is counter to his argument that the fed model allows stocks to get overvalued.