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#39: John Hussman On Navigating One Of The Most Overextended Stock Markets Of All Time
Superinvestors and the Art of Worldly Wisdom
The Price to Peak Earnings Ratio
During a recession, price earnings ratios will soar and very often they will soar exactly at the point where stocks are screaming by from a long term perspective. The reason they don't look that way is because the PE is high. And so all of these measures that I've put together over time are basically trying to respect the idea that stocks are a claim on a long-term stream of cash flows not just on one year.
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