Roll up, roll up, for another widely-quoted measure of stock market valuation with more flaws than a cut-glass diamond.
How to value the stock market
As long as you’re not talking nose-bleedingly stupidly high P/E ratios, a higher P/E ratio for the market is no reason to fear lower returns.
How much it rains in the US has a better statistical record of predicting returns then some variables you’ll hear tossed about in the media…