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In Defense of Extraordinary Claims

By George on Sat, 2006-12-30 23:43
(via www.gannononinvesting.com)

A case for why the current circumstances in U.S. stock market can be considered extraordinary. This analysis rich article looks at normalized historical P/E levels to determine how the market is behaving differently these past few years in comparison to the historical record.

Jason on Mon, 2007-01-01 15:42
Title: "So, don't use historical

"So, don't use historical returns as a frame of reference when thinking about future returns – and do lower your expectations!" - for a defensive investor, this may be the primary driver, past performance of long, established outfits.

But, I agree. Nice work, Geoff.