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Superman and Stocks: It's not the cape (CAPE), it's the kryptonite (Cash Flow)
Published 4 weeks ago
Description
Robert Shiller's variant on PE (CAPE) has become the most commonly used device that those who believe that the market is in bubble territory use to justify their argument. In this session, I give my jaundiced and biased perspective on CAPE and why focusing on it is costly, for most investors.
Slides: http://www.stern.nyu.edu/~adamodar/pdfiles/blog/Superman&Stocks.pdf
Blog post: http://aswathdamodaran.blogspot.com/2016/08/superman-and-stocks-it-not-cape-cape-it.html
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