Investing in the next cycle #4: equity leadership change
EQUITY VALUATION & EPS DEVIATION FROM TREND
20 40 60 80 100
20 40 60 80 100
FROM 2021
R² = 0.16
-100 -80 -60 -40 -20 0
-100 -80 -60 -40 -20 0
CAPE VERSUS REAL EPS DEVIATION FROM LONG RUN TREND. RED DOT IS LATEST OBSERVATION.
0 5 101520253035404550 CYCLE ADJUSTED PE (CAPE)
1
Sources: Shiller, Standard & Poor’s, BLS
66
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