Dueling Prisms for Valuing Stocks – New York Times 10-13-12

Salient to Investors: The cyclically adjusted price-to-earnings ratio – CAPE – correctly signaled frothy markets in 1929, 1999 and 2008. CAPE looks at 10 years of averaged profits so is considered a more conservative gauge. S&P 500 has a trailing P/E of around 15, which makes the market attractive based on historical levels, and

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