Biotech Values

[iwfal]

Robert Shiller’s CAPE* metric is utterly useless for valuing stocks, IMO.

Why? I'll stipulate that all metrics have some weaknesses - but Shiller's seems better than many as a long term valuation metric. E.g. recently there was an article positing the cheapness of stocks because the forward P/E is so low - but of course it is well known that the stock market movements precede the macro economy (and earnings trends).