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Macronomics: That Pesky P/E and CAPE Ratio Chart Which Reveals Extreme Valuations at Abysmal Earnings Growth

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________________________________________________________________________ It's unfashionable to talk about things like valuations now. The latest Howard Marks' memo is a brilliant read (click here). Specifically this part: We concluded that some or all of the following are necessary conditions.  A few will give us a bull market.  All of them together will deliver a boom or bubble:

• A benign environment – good results lull investors into complacency, as they get used to having their positive expectations rewarded.Gains in the recent past . . .

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