Since most analysts put the (TTM) PE of the S & P 500 at 33-35 now, I think Shiller's data assigning a value of 22 in April is specious. He has to be using forward-looking earnings, which is just pie in the sky. As Buffett says, "Give me last year's earnings, I'll figure out the rest." (Incidentally, all historical data is based on TTM earnings, so any attempt to intermingle any other numbers is disingenuous.)
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